Hyundai Motor Group (the Group) co-hosted the groundbreaking 2024 Korea-Africa Business Forum in Seoul, a collaboration with the Centre for Sustainable Structural Transformation (CSST) at SOAS University of London and the Korea-Africa Foundation. This pivotal gathering aimed to forge strategic partnerships for sustainable development, navigating geopolitical complexities and spotlighting Africa’s untapped potential for collaborative growth.
Ken Kim, Executive Vice President of HMG Business Intelligence Institute, articulated the forum’s objective to catalyze cooperation between South Korea and African nations. “Africa holds immense potential for strong partnerships and sustainable development. Through this forum, we have set the stage for cooperation between South Korea and African nations, and facilitated a fruitful discussion on how to make Korea a truly forward-looking partner for Africa,” stated Kim.
The event attracted esteemed African figures, including Rob Davies, the Former South African Minister of Trade and Industry, alongside elite members from Morocco’s Agency for Nuclear and Radiological Safety and Security (AMSSNuR) and the Industrial Development Corporation (IDC) of South Africa, among others. Ambassadors and embassy officials from nine African countries also participated, underscoring the forum’s role as a crucible for strategic insights and partnerships.
The Korean delegation and SOAS CSST representation brought together luminaries such as Ha-Joon Jang, Research Professor of Economics and co-director of CSST, SOAS University of London; Woon-Ki Lyeo, President of the Korea-Africa Foundation; and Soon-Young Hong, Executive Director of the Export-Import Bank of Korea. Their participation highlighted the critical nature of the forum in sculpting the contours of future Korea-Africa economic cooperation.
Deliberations at the forum covered a vast spectrum, starting with a closed session aimed at crafting a comprehensive action plan for economic collaboration between Korea and Africa. Subsequent open discussions pivoted towards private sector cooperation, with a focus on energy transition through green hydrogen, digitalization, and the complexities and prospects of a green transition in Africa, emphasizing the imperative of innovation and sustainable industrialization in advancing the Africa-Korea partnership.
Hyundai Motor Group’s engagement in the forum is part of its ongoing collaboration with SOAS to foster dialogue and research on African development initiatives. Following an announcement made earlier in February, this engagement reaffirms the Group’s dedication to propelling sustainable development and economic collaboration on a global stage. As the international community faces uncertainties, the 2024 Korea-Africa Business Forum emerges as a symbol of optimism, showcasing the transformative impact of united efforts on the journey towards a sustainable and prosperous future.
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