The Korea International Trade Association (KITA, Chairman Jin-sik Yoon) held the 'Korea-South Africa Trade and Investment Seminar' jointly with the South African Embassy in Korea and the South African Chamber of Commerce in Korea at the Trade Tower in Samseong-dong, Gangnam-gu, Seoul on the 17th.
This seminar was organized to explore project investment opportunities and strategies for entering the African market, focusing on South Africa. It was held under the theme of ‘Major project investment opportunities in South Africa and market entry methods’, with approximately 100 people in attendance, including Jang Seok-min, Executive Director of the Korea International Trade Association, Sindiswa Ntombolimo MQUQU, South African Ambassador to Korea, Tim Dickens, Chairman of the South African Chamber of Commerce in Korea, and companies interested in entering the South African market.
The seminar was conducted with expert presentations in the following order: ▲Korea-Africa trade and investment trends and promising areas of cooperation ▲Direction of Korea-South Africa economic cooperation utilizing the G20 ▲South African investment opportunities and risk management strategies ▲Strategies for entering South Africa in the energy and infrastructure sectors.
Seo Sang-hyun, a senior researcher at the POSCO Research Institute, who gave the presentation, emphasized the need to expand investment in key minerals and clean energy sectors to supplement Korea’s manufacturing and industrial safety net, given that Africa accounts for only 0.8% of Korea’s accumulated foreign direct investment (FDI).
Next, Timothy Dickens, Chairman of the South Asian Chamber of Commerce in Korea, explained the need to expand economic cooperation between the two countries in the fields of minerals, eco-friendly energy, and digital innovation, taking advantage of the G20 Summit scheduled to be held in South Africa this year.
Tshepo Ncube, director of international operations at the Amalgamated Banks of South Africa (ABSA), also spoke about the need for proactive strategic partnerships and trust-building in light of Africa's financial environment.
After the seminar, 51 Korean companies hoping to advance into South Africa had individual consultations with the South African Embassy in Korea, the South African Chamber of Commerce in Korea, and ABSA Bank, providing opportunities for practical business connections.
Jang Seok-min, executive director of the Korea International Trade Association, emphasized, “As protectionism is strengthening due to tariff measures in each country and the decline in the working-age population is intensifying due to the population cliff, Africa, with its young working population and large market called the African Continental Free Trade Area (AfCFTA), will become a new growth engine for the global economy in the future.” He added, “The trade association plans to provide relevant information in a timely manner so that our companies can seize new opportunities and continue to provide support programs that can provide practical help to businesses, such as individual consultations.”
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