Togo's President Faure Gnassingbé Speaks at Africa-Korea Summit

Economic governance
Wednesday, 05 June 2024 18:26
Togo's President Faure Gnassingbé Speaks at Africa-Korea Summit

(Togo First) - Faure Gnassingbé is in Seoul for the Africa-Korea Summit which started on June 4, 2024. On the opening day, the Togolese leader delivered a speech highlighting his country's commitment to economic openness and strategic development.

Gnassingbé emphasized the importance of outward-looking development, stating that Togo cannot "pretend to live isolated." He noted that his country's strategic positioning at the crossroads of West Africa makes it a major entry point, thanks to its deep-water port. "It was therefore natural for Togo to develop as a regional hub and open up to West Africa, a market of 400 million consumers undergoing rapid transformation," he said.

The Togolese president also emphasized the need for a business-friendly environment, citing legal certainty and fiscal stability as key measures to attract more players to the country. He highlighted the importance of public-private partnerships and other initiatives to promote openness.

Gnassingbé also touched on agriculture, which employs 65% of the population and accounts for 40% of GDP. He emphasized the development of agricultural development zones, agropoles, and ZAAPs, which have led to significant increases in agricultural yields. "The results of this voluntary state involvement are obvious. Agricultural yields have surged, tripling in just a few years. We need to build on these successes," he noted.

Gnassingbe then stressed the importance of reconciling "openness to the world and rootedness in our territories." He noted that economic growth and environmental concern are key priorities, as well as the accumulation of wealth and its equitable sharing.

During the summit, the leader of Korea, the host country, promised to double official development assistance to African countries, reaching $10 billion by 2030.

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