Korea and Morocco strengthen ties ahead of 2nd Global Partners Conference
The Korea Asia-Pacific Business Association recently convened a strategic meeting with Chafik Hachadi, the Moroccan Ambassador to Korea, to discuss collaborative efforts in preparation for the 2nd Global Partners Conference (GPC), scheduled for early December. Held at the Moroccan Embassy in Yongsan-gu, Seoul, this meeting highlighted the importance of robust partnerships in fostering international economic relations. Chairman Ji Young-mo expressed optimism about Moroccan government involvement, along with the diplomatic corps and business leaders from across Africa, underscoring the conference's aim to catalyse business synergy among Asia-Pacific firms.
Ambassador Hachadi, who also leads the diplomatic corps in Korea and the group of African ambassadors, responded positively to the chairman's request for heightened cooperation. He underlined the significance of ongoing dialogue, stating, "Through continuous communication and cooperation, I hope to achieve practical collaboration and joint ventures not only between companies in both countries but also with African companies." His commitment to actively assist in hosting the GPC reflects Morocco's strategic ambitions in economic enhancement, especially as it seeks to strengthen its role as a pivotal player in international trade.
Morocco's geographical positioning at the intersection of Europe, Africa, and the Middle East offers promising opportunities for trade expansion. As highlighted by Ambassador Hachadi, major infrastructural developments, such as the Tanger Med port and the Dakhla Atlantic Port project, aim to turn Morocco into a logistics hub. The country is also rich in natural resources, with significant reserves of phosphate and cobalt, and it is committed to advancing renewable energy initiatives. This multifaceted economic landscape presents ample avenues for collaboration with South Korean businesses.
Moreover, the Korea Asia-Pacific Business Association recently broadened its scope beyond the Korea-China Private Economic Cooperation Forum, adopting a more comprehensive focus on the entire Asia-Pacific region. The inaugural GPC, held last October, was viewed as a successful initial step in positioning the forum as an essential platform for international economic alignment. Discussions at the first conference involved participants from six different countries, with the association aiming to attract a wider array of nations for the upcoming event.
Recent developments signal a growing interest in bilateral economic ties between Morocco and South Korea. Notably, Morocco's Minister of Investment, Karim Zidane, participated in the Japan-Korea Roadshow aimed at strengthening these relations. At the event, he underscored Morocco's potential in sectors such as automotive, electronics, and shipbuilding, all vital areas for South Korean investment. Both nations have recognised the African Continental Free Trade Agreement (AfCFTA) as a key mechanism to facilitate increased trade and investment, further solidifying their partnership.
Additionally, a recent interaction between South Korea's Minister of Trade, Inkyo Cheong, and Moroccan representatives showcased ongoing discussions about expanding economic cooperation through an Economic Partnership Agreement (EPA). This initiative is expected to enhance trade networks and address the anticipated opportunities arising from the AfCFTA.
As Morocco aims to diversify its economic partnerships, the involvement of South Korean entities is crucial. A recent delegation from the Korea Importers Association signed an agreement with the Moroccan Agency for Investment and Export Development, focusing on improving access for South Korean businesses to high-value Moroccan products. This collaboration is poised to streamline customs procedures and enhance logistics infrastructure, which are essential for fostering trade efficiencies.
As the 2nd GPC approaches, it will undoubtedly serve as a vital forum for reinforcing connections between Asia-Pacific nations and African partners, paving the way for sustainable economic growth and collaboration in various sectors. The upcoming conference aligns with Morocco's long-term vision of being a key player in Africa's economic landscape while simultaneously acting as a bridge between continents.