Ghanaian tycoon Joseph Agyepong’s Jospong Group seeks support for African businesses from South Korea
Key points:
- Dr. Joseph Siaw Agyepong highlighted the potential benefits of South Korea’s advanced technology in renewable energies, such as solar and wind power, for Ghana and Africa.
- Dr. Agyepong underscored the need for South Korea to remove restrictions and bureaucracy to fully unleash its capacity to benefit African businesses.
- Dr. Agyepong commended South Korean President Yoon Suk-Yeol for his commitment to supporting Africa, particularly in addressing climate change.
Dr. Joseph Siaw Agyepong, the Executive Chairman of the Jospong Group of Companies, has underscored the immense potential for Ghana and Africa to benefit from their relationship with South Korea in terms of business and development. In an exclusive television interview following the Korean-African Summit held in Kintex, Korea, Dr. Agyepong made several key points:
“Opportunity is important in business. South Korea has advanced technology in renewable energies such as solar and wind power, which can benefit our continent,” he stated.
He continued, “South Korea has the capacity to benefit African businesses, and they need to unleash that to benefit the continent and Ghana. The private sector is ready to partner with Korea, which must remove restrictions and bureaucracy as it seeks to support 48 African nations.”
Dr. Agyepong made these remarks during a television interview after the Korean-African Summit in Kintex, Korea. He commended South Korean President Yoon Suk-Yeol for his commitment to boosting support for Africa, including enhanced trade and investment pledges.
“The whole world is focused on climate change. In Ghana, the Jospong Group has tackled waste management as a serious issue, from collection and haulage to composting, recycling, and other forms of treatment,” Dr. Agyepong said.
The Summit focused on key initiatives like Economic Partnership Agreements, Trade and Investment Promotion Frameworks, and support for the African Continental Free Trade Area. During the Summit, South Korea announced plans to increase official development assistance to $10 billion by 2030 and provide $14 billion in export financing.
Dr. Agyepong further explained the need for collaboration in areas like minerals, digital transformation, climate change, food security, and public health.
The Korea-Africa Summit, held on June 4-5, 2024, in Ilsan and Seoul, aimed to boost cooperation, address global challenges, and promote collective strength for sustainable development. The outcome is expected to lead to new agreements and investments in energy access, agricultural transformation, and capacity building across Africa.
This summit is the first of its kind since the founding of the Republic of Korea. However, there have been other summits and conferences between Korea and Africa, such as the 7th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference in September 2023. The Korea-Africa Energy Investment Framework (KAEIF) was also established in 2021.
Ghana and South Korea have had diplomatic relations since 1977. The two countries have cooperated on a wide range of issues, including political, economic, trade, investment, technology, security, and culture.
The Korean International Cooperation Agency (KOICA) has undertaken many projects in Ghana, such as the Dawhenya Integrated Rural Development Project, a maternal and child healthcare project, a water and sanitation project, and a capacity-building project on the power transmission system.
Dr. Agyepong expressed optimism about the future of Korea-Africa relations, affirming that, “The future looks bright, and I’m thrilled to be part of this transformative journey.”
Joseph Siaw Agyepong is a renowned Ghanaian businessman known for his visionary entrepreneurship and philanthropy. He has positioned himself as one of Ghana’s leading business figures. His conglomerate, the Jospong Group of Companies, spans various sectors, including Waste Management, ICT, Banking, Automobile, and Equipment, with a growing presence across Africa and Asia.
In Ghana, the Jospong Group has taken the lead in promoting sustainable sanitation infrastructure, establishing 58 sanitation facilities and 16 integrated recycling and compost plants, significantly contributing to the growth of the agricultural sector.
Billionaires.Africa reported on Jospong Group’s recent partnership with the Lagos State Government as a noteworthy milestone in addressing environmental challenges and promoting sustainable development. This partnership sets a model for future waste management and public health initiatives across Africa, demonstrating a strong commitment to environmental sustainability and public health.
Agyepong’s satisfaction with partnerships is clear as he consistently seeks to build collaborations that drive positive change and development across the continent.