Algiers, November 25, 2024 – South Korea’s ambassador to Algeria, Yoo Ki-Joon, has expressed optimism about enhancing economic and trade relations between the two countries through the exploration of new investment opportunities.
During a conference titled “The Evolution of the Korean Economy and Prospects for Enhanced Economic Partnership with Algeria”, organized by the Algerian Higher School of Business, Ambassador Yoo highlighted the promising future of bilateral relations. He emphasized that Algeria is the only African country with which South Korea has established a “strategic partnership.”
Key Sectors for Cooperation
The ambassador praised the quality of economic exchanges between the two nations and underscored the importance of sectors such as energy, technology, and infrastructure in their cooperation. He called for exploring mutually beneficial opportunities to further deepen economic ties.
According to Ambassador Yoo, bilateral trade volume reached $3.4 billion in 2023, with a trade surplus in Algeria’s favor. He also reassured that South Korean companies in the automotive sector are certain to return to Algeria, a development eagerly anticipated by stakeholders in both countries.
A Shared Vision for Growth
The conference served as a platform to discuss Korea’s economic growth model and explore how its lessons could be applied to strengthen economic collaboration with Algeria. Both nations aim to leverage their partnership to foster innovation, create jobs, and build sustainable growth paths.
Algeria’s unique position as South Korea’s strategic partner in Africa, coupled with shared ambitions in key industries, sets the stage for a robust and dynamic economic partnership.
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Author: Nor-Eleslam
Algeria-South Korea economic partnership
