Plans are underway by the Korean Government to host the Korea-African summit to deepen trade and economic cooperation on the continent.

The Ambassador of Korea to Nigeria, Kim Young Chae, who disclosed this in Abuja during the Korean Day celebrations, said the Korean government is enhancing its overall relations with the continent and many Korean companies look at Africa as the next manufacturing base as well as a single market.

He added: “Under this backdrop, the Korean government has decided to host a Korea-Africa summit next year for the first time in its history. This will lead to more high-level exchange of visits, more trade and investment opportunities, and the deepening of a mutual understanding.”

The ambassador admitted that humanity is currently facing daunting challenges, like climate change, disruption of the global supply chain, geopolitical conflicts, and the emerging fourth industrial revolution.

He observed that all the ongoing international challenges couldn’t be effectively resolved without the active participation of Africa.

Chae maintained that the summit would herald the expansion of Korean businesses into the continent.

The envoy further hinted that as a model of economic development for many developing countries, Korea would showcase several platforms at the summit to share its experiences of building the manufacturing base and transforming agriculture.

He added that the Korean government is determined to implement its long-term vision to go together with Africa for peace and prosperity by hosting the 2030 Busan Expo.

Chae, who commended Nigeria for successfully conducting its general elections, admonished that democracy needs patience and compromise to blossom.