By King’s Office Correspondents
SEOUL, KOREA – Eswatini, among other African nations, stands to benefit from some of Korea’s over E430 billion in development assistance and investment initiatives.
This follows a pledge by the Korean government to make available about E180 billion (USD 10 billion) in development assistance to spur African cooperation initiatives by 2030.
Korea has also committed over E250 billion (USD 14 billion) to support Korean businesses to enhance trade and investment on the African continent over the next six years.
His Majesty the King has commended Korea for these commitments, saying they would go a long way toward strengthening the two continents’ cooperation.
Speaking at the 2024 Korea-Africa Summit yesterday, the King first commended the hosting of the first Korea-Africa summit, which he said served as a testament to the longstanding and growing bond between the country and the African continent.
The summit, he noted, also presented an opportunity for Africa and Korea to understand each other much better and develop a strong partnership.
“We wish to commend Korea for her decision to increase official development assistance (ODA) to USD 10 billion by 2030 to spur African cooperation initiatives.”
“We also applaud the commitment to provide approximately USD 14 billion in export financing start-ups for Korean companies by 2030 to encourage their activities in Africa, thus stimulating trade and investment with our continent,” he said.
The King also encouraged the Korean business community to join the government’s efforts to make this endeavour a success by investing in Africa.
“We urge you to choose a location to establish these industries, as in Africa we are no longer competing but complementing each other to achieve the goals we have set for ourselves,” he said.
The King stated that effective implementation of this objective requires strategic partnerships and imaginative leadership, as demonstrated by the Korean people. He congratulated the Republic of Korea for achieving what he described as admirable progress.
“It is impressive to note how you came from humble beginnings where your country was among the underdeveloped nations, but resolved to adopt a consciousness and mentality change to transform yourselves,” he said.
He also mentioned how the Korean government’s significant investments in ICT, education, construction, manufacturing, science, and biotechnology, among other areas, made this possible.
The King said reciprocally that Korea also had much to gain from Africa as a continent because of its huge development potential, abundant natural riches and the fact that it is the youngest continent, full of creativity and entrepreneurship.
While developing strategies, the King urged the summit to adopt sustainable solutions, keeping the future of the youth in mind.
The theme of the summit is ‘the future we make together: shared growth, sustainability, and solidarity.’
His Majesty said the development agenda of the African continent prioritises sustainability, as Africa’s various ecosystems are vital to global environmental stability.
“Climate change, deforestation, and biodiversity loss are major issues for the continent. The AU Agenda 2063 and Sustainable Development Goals (SDGs) Agenda 2030 emphasise sustainable environmental management,” he said.
Drawing from the Korean experience, he urged African leaders to create a solid economic base, especially through industrialization, while embracing ecological technology and practices that do not compromise the ability of future generations to meet their needs.
He observed, “We should adapt Korea’s renewable energy, smart agriculture, and environmental conservation advances to our local contexts so we can build a better, sustainable, and more resilient future together.”
His Majesty highlighted that Agenda 2063 of the AU promises inclusive growth and sustainable development throughout Africa, and that from it, Eswatini has prioritised economic development, inter-Africa and international commerce, as well as consciously using her resources to generate value and jobs for our people.
He said Eswatini has fully embraced the African Continental Free Trade Agreement (AFCFTA) and its implementation plan but still has a lot to learn from worldwide partnerships and their development paths.
“While the AFCFTA was successfully launched, its programmes were hampered by the impact of the COVID-19 pandemic. We would be grateful to learn from your experiences to develop and grow our trading bloc,” he said.
