Business leaders from Africa and South Korea have intensified efforts to deepen economic cooperation following a high-level roundtable in Seoul organised by the Korea International Trade Association (KITA) and the African Continental Free Trade Area (AfCFTA) Secretariat.
The meeting, which formed the first official business engagement under the newly established Korea–Africa Economic Committee (KAEC), brought together 35 companies and institutions from both regions to explore practical partnerships in manufacturing, energy, infrastructure, digital trade and industrial development.
The KAEC was created after a Memorandum of Understanding signed in 2024 between Korea International Trade Association (KITA) and the AfCFTA Secretariat, with the aim of strengthening structured economic cooperation between Africa and South Korea.
Speaking at the event, KITA President Jin Sik Yoon said combining Korea’s industrial strengths with Africa’s growth potential could create a globally significant model of cooperation. He added that the platform would continue to connect businesses and identify joint investment opportunities.
The Secretary-General of the AfCFTA Secretariat, Wamkele Mene, described the initiative as a step toward building mutually beneficial partnerships that support Africa’s industrialisation agenda under the AfCFTA framework.
Participants included major corporations such as Hyundai Motor Group, POSCO International, Samsung SDI, and African stakeholders like the Pan-African Chamber of Commerce and Industry, Eskom, and the OPAIA Group.
Discussions highlighted opportunities in value-added manufacturing, renewable energy, infrastructure development, digital commerce, and the creation of integrated supply chains linking African production capacity with Korean technology and investment.
Both sides agreed to institutionalise the KAEC through regular meetings and alternating business exchanges between Africa and South Korea, with the goal of accelerating trade and investment flows.
The initiative is expected to support Africa’s long-term industrialisation ambitions while opening new markets for Korean firms under the continent’s expanding free trade framework.
