Afreximbank, Korea Africa Foundation talk job creation, business expansion.

During a press briefing after their deliberations, the officials told reporters that they explored opportunities to deepen trade, investment, and economic cooperation, engagement and collaboration between Africa and Korea. 

This, they said, is aimed at mobilising investment in priority sectors, including industrialisation, digital transformation, and agri-value chains, while leveraging innovative financing, risk-sharing, and technical assistance solutions to support business growth across the continent.

Discussions also highlighted opportunities to strengthen linkages between Korean and African businesses, support SMEs and startups, and promote greater knowledge exchange and commercial partnerships.

The officials harped that their meeting reflects a shared commitment to advancing sustainable development, expanding investment flows, and creating new opportunities for businesses across Africa and Korea.

Afreximbak’s President and Chairman of the Board of Directors, Dr George Elombi, reiterated his unwavering commitment to strengthening partnerships, and continuing the mission of building an Africa that trades with itself and thrives on its own terms.

He pointed out that the structure of global trade was disfavourable to Africa and therefore, had to change as it was too dependent on the export of commodities.

“Our mission is therefore, to transform the structure of that trade. To change the structure, we must process. We must produce. Unless we produce, we cannot trade,” he said.

Dr Elombi announced that, over the next five to ten years, he would prioritise sectors he believed would have the most significant and sustained impact on Africa’s trade and wellbeing, including promoting and accelerating value addition and strategic minerals processing to curb the export of raw potential.

“Afreximbank will therefore, create a new, high-impact financing window, specifically for projects that process raw minerals into semi-finished goods or finished goods,” he said. 

“We will establish a Strategic Minerals Development Programme to finance entire value chains, from extraction and refining to manufacturing finished components, capturing much more value here at home and creating high-skilled jobs for our people,” he added. 

Dr Elombi added that Afreximbank would prioritise the deepening of intra-African trade and regional integration as the success of its value addition agenda would ultimately depend on its ability to secure markets for the goods produced.

This article was first published in The Guardian Post Edition No:3813 of Wednesday June 10, 2026