Seoul – The Ambassador of the Republic of Sierra Leone to Korea has unveiled a bold initiative to strengthen economic cooperation with Korea by proposing the “Sierra Leone Investment Promotion Business Summit (West Africa).” This summit aims to attract Korean investors to promising sectors in Sierra Leone and the broader West African region, with proposed partnerships involving KOICA, KOTRA, KEXIM, MOFA, KCCI, and other major institutions.
Objective and Vision
The objective of the summit is to promote investment by Korean enterprises in high-potential sectors and enhance bilateral economic collaboration. The embassy framed Sierra Leone as “Korea’s new frontier for growth and partnership” in Africa.
National Profile and Economic Potential
Located on the southwest coast of West Africa, Sierra Leone borders Liberia and Guinea and has a population of approximately 8.7 million. Its capital, Freetown, serves as the nation’s political and commercial hub. As a member of the Mano River
Union, ECOWAS, and the African Continental Free Trade Area (AfCFTA), Sierra Leone offers access to markets exceeding 450 million people. The country also enjoys preferential trade access through the EU’s EBA (Everything But Arms) initiative and the U.S. AGOA program.
Key Investment Areas and Trade Goods
The government identifies five key sectors as growth pillars:
Agriculture and agro-processing
Fisheries
Mining (notably iron ore, diamonds, gold, rutile, ilmenite, bauxite)
Tourism
Public infrastructure (roads, ports, telecoms, energy)
Additionally, Sierra Leone is actively pursuing industrial diversification through public-private partnerships (PPP), smart agriculture, digital education, and support for small and medium enterprises (SMEs).
Korea–Sierra Leone Collaboration Prospects
The Embassy highlighted a wide array of collaboration opportunities for Korea:
Expansion of trade and FDI
Bilateral import-export alliances
Youth entrepreneurship and skills training programs
Smart farming and digital education partnerships
Technology transfer and local manufacturing by Korean SMEs
Vocational education to foster cultural exchange and capacity building
Government Incentives for Foreign Investors
Sierra Leone provides attractive benefits under its Foreign Investment Act:
Corporate tax exemptions for 5–10 years
100% foreign capital ownership
Duty-free import of equipment and materials
Bilateral investment protection treaties and dispute resolution mechanisms
CSR is also a national priority, with education, healthcare, and youth employment projects encouraged to build strong ties with local communities and improve the investment climate.
Legal, Practical & Strategic Investment Guidelines
Investors are encouraged to:
Review local tax, labor, and investment laws
Confirm availability of double taxation avoidance agreements and BITs
Engage with government agencies, business associations, and local partners
Participate in site visits, trade delegations, and market research
Understand key FDI policies, free trade zones, and industrial priorities
Consider joint ventures (JVs) with local firms to mitigate risks and strengthen cultural integration
Strategic Investment Pathway
Step-by-step strategy:
Information Gathering → Government Engagement → Legal Review → Strategic Partnerships → CSR Implementation → Phased Investment Strategy
Emphasising his aspiration, the Ambassador stated that he aims to bring the spirit of Korea’s Saemaul Undong to Sierra Leone, stating:
He further stated that his ardent desire is to deepen the already existing cordial bilateral relations between our two nations, as we open a new chapter of economic collaboration.
With this initiative, Sierra Leone positions itself as a rising strategic partner in West Africa and a gateway for Korean enterprises seeking sustainable, long-term growth in the region.