"Growing Africa, Need for Strategic Partnership between Korea and South Africa"

KITA Hosts Korea-South Africa Investment Seminar
"Expanding Cooperation in Key Minerals and Clean Energy Sectors"

As the African continent emerges as a new player in global trade, an analysis has highlighted the importance of strategic cooperation between Korea and the Republic of South Africa. Given the increasing uncertainty in global supply chains, there are also calls for expanded collaboration in key minerals and clean energy sectors.

The Korea International Trade Association (KITA) held the "Korea-South Africa Trade and Investment Seminar" on the 17th at the Trade Tower in Samseong-dong, Gangnam-gu, Seoul, jointly with the Embassy of South Africa in Korea and the South Africa Chamber of Commerce in Korea.

Jang Seok-min, Executive Director of the Korea International Trade Association, is delivering the opening remarks at the "Korea-South Africa Trade and Investment Seminar" jointly hosted by the Embassy of South Africa in Korea and the South Africa Chamber of Commerce in Korea, held on the 17th at the Trade Tower in Samseong-dong, Gangnam-gu, Seoul. Korea International Trade Association

The seminar featured expert presentations in the following order: ▲ Trends in Korea-Africa trade and investment and promising cooperation areas ▲ Economic cooperation directions between Korea and South Africa utilizing the Group of Twenty (G20) ▲ Investment opportunities and risk management strategies in South Africa ▲ Strategies for South African market entry in energy and infrastructure sectors.

Sanghyun Seo, Senior Researcher at POSCO Research Institute, diagnosed that with Africa accounting for only 0.8% of Korea's cumulative foreign direct investment (FDI), investment in key minerals and clean energy sectors must be expanded to complement Korea’s manufacturing and industrial safety nets.

Timothy Dickens, Chairman of the South Africa Chamber of Commerce in Korea, also emphasized the need to expand economic cooperation between the two countries in minerals, eco-friendly energy, and digital innovation sectors, especially in light of the upcoming G20 summit to be held in South Africa this year. In particular, Chepo Enkube, Director of International Business at ABSA (Amalgamated Banks of South Africa), a South African commercial and investment bank, mentioned the necessity of establishing preemptive strategic partnerships and building trust, considering the financial environment in Africa.

At the "Korea-South Africa Trade and Investment Seminar" jointly hosted by the Korea International Trade Association, the Embassy of South Africa in Korea, and the South Africa Chamber of Commerce in Korea on the 17th at the Trade Tower in Samseong-dong, Gangnam-gu, Seoul, Sindiswa Ntombolimo Mkhuku, the Ambassador of South Africa to Korea, is speaking. Korea International Trade Association

The seminar was organized to explore project investment opportunities and strategies for entering the African market, centered on South Africa. Attendees included Seokmin Jang, Executive Director of KITA; Sindiswa Ntombolimo Mncuku, Ambassador of South Africa to Korea; and Timothy Dickens, Chairman of the South Africa Chamber of Commerce in Korea.

Fifty-one companies aspiring to enter the South African market had individual consultations with the Embassy of South Africa in Korea, the South Africa Chamber of Commerce in Korea, and ABSA Bank, providing practical business linkage opportunities.

Seokmin Jang, Executive Director of the Korea International Trade Association, stated, "In a situation where protectionism is strengthening due to tariff measures by various countries, Africa?with its young labor force and the large market of the African Continental Free Trade Area (AfCFTA)?will become a new growth engine for the global economy in the future. We will continue to provide timely information and support projects such as individual consultations to help our companies seize new opportunities."