Seoul roundtable signals growing interest in linking Korean technology and manufacturing expertise with Africa’s industrialisation agenda under the AfCFTA.
DIPLOMAT CORRESPONDENT
As Africa seeks new investment partners to support industrialisation, infrastructure development and economic transformation, attention is increasingly turning towards Asia. South Korea, whose own economic rise transformed it from one of the world’s poorest nations into a global manufacturing powerhouse, is positioning itself as a strategic partner in Africa’s next phase of growth.
That ambition was on display in Seoul this week as business leaders and policymakers from Africa and the Republic of Korea convened for the inaugural Korea-Africa Economic Committee (KAEC) Business Roundtable, a new platform designed to strengthen trade, investment and industrial cooperation between the two regions.
The roundtable, jointly hosted by the Korea International Trade Association (KITA) and the African Continental Free Trade Area (AfCFTA) Secretariat, brought together representatives from 35 companies and institutions to explore opportunities in manufacturing, energy, infrastructure, digital trade and industrial development.
Speaking during the meeting, KITA Chairman Jin Sik Yoon said the partnership offered significant opportunities for both regions.
“If Korea’s industrial competitiveness is combined with Africa’s growth potential, we will be able to create a future-oriented model of cooperation that draws global attention,” he said.
“The KAEC will continue to actively support exchanges between business leaders from both regions and the discovery of cooperative projects.”
The gathering marked the first formal engagement under the Korea-Africa Economic Committee 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 2024.
Since then, both institutions have been engaged in discussions aimed at strengthening commercial ties and creating practical mechanisms to connect Korean businesses with opportunities emerging under the African Continental Free Trade Area.
The significance of the initiative extends beyond trade promotion.
Africa is home to some of the world’s fastest-growing economies and one of the youngest populations globally, while the AfCFTA is creating a market of more than 1.3 billion people. At the same time, many African countries are seeking partners that can support industrialisation, technology transfer, infrastructure development and value addition rather than simply importing raw materials.
For South Korea, the continent presents an expanding market for technology, manufacturing expertise and long-term investment.
Among the Korean companies represented at the roundtable were Hyundai Motor Group, POSCO International and Samsung Electronics. African participants included the Pan-African Chamber of Commerce and Industry, South African power utility Eskom and Angola’s OPAIA Group.
AfCFTA Secretary-General Wamkele Mene described the committee as an important step towards building practical economic partnerships between Africa and Korea.
“The establishment of the KAEC reflects our shared commitment to building practical and mutually beneficial partnerships between Africa and the Republic of Korea,” he said.
“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.”
A key focus of the discussions was how Korean technological capabilities can complement Africa’s industrial ambitions.
A presentation by Dr Mun Su Kang of the Korea Institute for International Economic Policy highlighted opportunities in manufacturing, infrastructure development, clean energy and digital commerce. Particular emphasis was placed on developing reciprocal supply chains capable of supporting African industrialisation while creating new commercial opportunities for Korean companies.
The discussion comes at a time when many African governments are seeking to diversify economic partnerships beyond traditional markets in Europe and North America. Asian economies, particularly South Korea, have become increasingly attractive partners because of their experience in industrial development, innovation and export-led growth.
For Africa, the challenge is to ensure that future partnerships contribute to local value addition, skills development and industrial capacity rather than reinforcing dependence on commodity exports.
The AfCFTA is expected to play a central role in that process by creating a larger integrated market capable of attracting manufacturing investment and supporting regional value chains.
Observers say platforms such as the Korea-Africa Economic Committee could help bridge the gap between policy aspirations and private sector investment by creating direct channels for engagement between businesses on both sides.
Looking ahead, KITA and the AfCFTA Secretariat intend to institutionalise the platform through regular meetings hosted on a rotational basis across Africa and Korea.
