South Korean Ambassador Calls on Ghana’s Trade Minister
The South
Korean Ambassador to Ghana, H.E. Park Kyongsig has paid a courtesy call on
Ghana’s Minister for Trade, Agribusiness and Industry, Hon. Elizabeth
Ofosu-Adjare at her office in Accra.
The
purpose of the visit was to congratulate the Minister on her appointment to the
Trade Ministry and to discuss issues bothering on trade and investment between
the two nations.
H:E
Park Kyongsig noted that trade and investment relationship
between Ghana and South Korea has grown steadily in recent years between both
countries due to shared interests in expanding economic cooperation.
According to
him, both countries are also aligned at the multilateral level, with membership
in key international organizations, including the World Trade Organization
(WTO), United Nations (UN), United Nations Conference on Trade and Development
(UNCTAD), and the Organization for Economic Cooperation and Development (OECD)
The
ambassador revealed that, Ghana’s cocoa is one of the major commodities that is
exported to Korea with Ghana’s Chocolate very popular in Korean markets.
He however,
pledged the support of the Korean government in strengthening economic ties
between both nations.
In her welcome address, the Hon.
Minister, Madam Elizabeth Ofosu-Adjare appreciated the economic contribution
and the diplomatic ties which existed between both nations over the past
decades.
She, however, call on the South Korean government to
support for the implementation of the Ministry’s flagship programs such as investment
in commercial contract farming in Ghana to feed local industries for value
addition and value extension which is part of Ghana’s Industrialization Agenda.
She
said the Accelerated Export Development Program (AEDP) is one of the
critical areas targeted by the government for job creation. “The textile and
Garments sector has been targeted as a critical part of the Program with the
intension to establish 3 large-scale garment factories that will operate a
3-shift system to create over 27,000 jobs”, she said.
It is worth noting that Ghana’s trade
with South Korea has steadily increased over the years, with a total trade
balance of over USD 266 million and a cumulative trade volume exceeding USD 1.9
billion for the period 2018 to 2023.
Despite this growth, Ghana’s exports to
South Korea have been predominantly in gold (USD 13 million), cocoa beans (USD
6.79 million), and silver (USD 4.72 million), which primarily feed into South
Korea’s manufacturing sector.
She concluded that Ghana looked forward to increased investment
from South Korea for mutual benefit in realization of the full realization of
Ghana’s position as a regional hub.
