Korea and AfCFTA Launch First Business Roundtable to Deepen Economic Cooperation

By CTV Africa

SEOUL, South Korea — The Republic of Korea and Africa have taken a significant step toward strengthening trade and investment relations following the launch of the first Korea-Africa Economic Committee (KAEC) Business Roundtable in Seoul.

The landmark meeting, co-hosted by the Korea International Trade Association (KITA) and the African Continental Free Trade Area Secretariat, brought together leading companies and institutions from both regions to explore new opportunities for cooperation in manufacturing, energy, infrastructure, digital trade, and industrial development.

The roundtable marks the first official engagement under the KAEC framework, which was established following the signing of a Memorandum of Understanding between KITA and the AfCFTA Secretariat during the Korea-Africa Business Summit in June 2024.

A total of 35 companies and organisations participated in the discussions. South Korean firms included major corporations such as Hyundai Motor Group, POSCO International, and Samsung Electronics. African participants included the Pan-African Chamber of Commerce and Industry, Eskom, and the OPAIA Group.

Speaking at the event, Jin Sik Yoon emphasized the potential of stronger Korea-Africa collaboration, stating that combining Korea’s industrial competitiveness with Africa’s growth potential could create a future-oriented model of cooperation capable of attracting global attention.

“The KAEC will continue to actively support exchanges between business leaders from both regions and the discovery of cooperative projects,” he said.

AfCFTA Secretary-General Wamkele Mene described the establishment of the committee as a reflection of the shared commitment to building practical and mutually beneficial partnerships between Africa and South Korea.

“As Africa advances the implementation of the AfCFTA, we welcome deeper cooperation in trade, investment, industrialisation, technology and infrastructure that supports sustainable economic growth and creates opportunities for businesses and people across both regions,” Mene said.

The roundtable also featured a presentation by Mun Su Kang of the Korea Institute for International Economic Policy, who outlined key areas for future Korea-Africa economic cooperation. His presentation highlighted opportunities in manufacturing, infrastructure development, decarbonisation, energy transition, digital trade, and e-commerce.

Participants underscored the importance of building reciprocal supply chains that align Africa’s industrialisation ambitions with Korea’s technological expertise and manufacturing strengths.

Looking ahead, KITA and the AfCFTA Secretariat announced plans to institutionalise the KAEC platform through regular meetings and business exchange programmes hosted on a rotational basis across Africa and South Korea.

The initiative is expected to strengthen commercial ties between the two regions while supporting Africa’s continental integration agenda under the AfCFTA, the flagship trade project of the African Union aimed at creating the world’s largest free trade area by number of participating countries.