Moroccan foreign minister calls for boosting South Korean investment in Africa

(MENAFN) During a ministerial meeting held in Seoul, Moroccan Foreign Minister Nasser Bourita urged South Korea to amplify its investments in Africa, highlighting that they currently constitute a mere 1.5 percent of the country's total international investments. Bourita's call to action transpired within the context of preparations for the inaugural Korea-Africa Summit, with the ministerial gathering serving as a precursor to the forthcoming summit slated for the following week in the South Korean capital.

Emphasizing the multifaceted benefits of a strengthened partnership between South Korea and Africa, Bourita underscored the imperative of placing human welfare at the forefront of economic cooperation. He articulated that while economic development remains a central objective, it must be underpinned by investments in public health, education, and the cultivation of skilled human capital. Bourita outlined a vision for a holistic partnership that not only spurs trade and investment but also prioritizes the enhancement of infrastructure and the exploration of emerging sectors such as innovation, technology, and digital transformation. Moreover, he underscored the significance of environmentally sustainable development, referencing the importance of initiatives focused on reducing carbon emissions (green economy) and leveraging marine resources (blue economy).

Despite strides in fostering cooperation between Africa and South Korea, Bourita noted that there remains untapped potential awaiting realization. He acknowledged the increase in Korean development assistance to Africa but highlighted the need for a more substantial commitment in the form of foreign direct investment, which currently accounts for a modest fraction of South Korea's global investment portfolio.

Bourita's advocacy underscores the mutual benefits inherent in deepening economic ties between South Korea and Africa. As both regions seek to harness their respective strengths and opportunities, there exists a promising prospect for fostering inclusive growth, innovation, and sustainable development through enhanced collaboration and investment.

MENAFN03062024000045015682ID1108289486