Korea Times hosts Korea-Africa Summit Roundtable to explore new opportunities

Participants in the 2024 Korea-Africa Summit Roundtable hosted by The Korea Times hold discussions at the newspaper's office in Seoul, Tuesday. Counterclockwise from the top left are Egyptian Ambassador to Korea Khaled Abdel Rahman, Tunisian Ambassador to Korea Kais Darragi, Sudanese Ambassador to Korea Amira Agarib, Korea-Africa Foundation President Lyeo Woon-ki, Korea Times Politics and City Desk Editor Kang Seung-woo and Korea Times Managing Editor Kim Rahn. Korea Times photo by Choi Won-suk

By Kim Hyun-bin

• Published Jun 2, 2024 11:22 AM KST
• Updated Jun 3, 2024 2:37 PM KST

The Korea Times hosted the Korea-Africa Summit Roundtable in Seoul on Tuesday to preview opportunities that could arise from the 2024 Korea-Africa Summit, set to take place in Seoul on Tuesday and Wednesday.

Moderated by Korea-Africa Foundation President Lyeo Woon-ki, the roundtable featured panelists including Tunisian Ambassador to Korea Kais Darragi, Egyptian Ambassador to Korea Khaled Abdel Rahman and Sudanese Ambassador to Korea Amira Agarib. The discussion delved into key issues surrounding Korea-Africa relations, such as investment, economic and cultural opportunities.

Lyeo underscored the significance of the gathering as a precursor to the upcoming Korea-Africa Summit.

"Today, we gather with a shared vision to explore and enhance the multifaceted relationship between Korea and Africa. This gathering could be a crucial precursor to the 2024 Korea-Africa Summit that will be held in a few days in Korea," Lyeo said.

"The bonds between Korea and Africa were forged during the Korean War when some African nations provided crucial support during one of the most challenging periods in our history. This early solidarity laid the groundwork for Korea to establish diplomatic relationships with multiple African countries in the 1960s, aligning with the broader movement towards independence across the continent."

Lyeo highlighted the renewed engagement in the 1980s, particularly around the 1988 Seoul Olympics, which saw increased cultural and political exchanges.

"For some time during the Cold War era, the Korean peninsula issue took a large part of the relations between Korea and African countries. However, as the Cold War ended in the early 1990s, the weight of our relationship shifted more towards economic issues and trade," he said.

"Both sides started to promote economic ties, and accordingly, economic and business relations have only strengthened."

The establishment of cooperation frameworks like the Korea-Africa Economic Cooperation (KOAFEC) and the Korea-Africa Forum (KOAF) in 2006 marked significant milestones in facilitating dialogue, strengthening economic ties and promoting mutual interaction and understanding.

"On Nov. 23, 2022, the Korean government officially announced the plan to host the 2024 Korea-Africa Summit, underscoring our commitment to upgrade our cooperation with Africa," he said.

"Guided by the new government's vision and strategy as a 'Global Pivotal State' and the African Union's (AU) Agenda 2063, our two regions are poised to develop a strategic partnership that is mutually beneficial and future-oriented."

Opportunities in Africa

The event also explored new opportunities and challenges the continent faces in efforts to increase cooperation with Korea.

Egyptian Ambassador Rahman emphasized the importance of Korean banks establishing a stronger presence on the continent to enhance trade and investment.

"Opening branches in major countries in the continent would facilitate trade investment and so on, and this is one of the tools that can really enhance our economic cooperation and facilitate trade and investment," Rahman said.

He highlighted the need for on-ground involvement, pointing out that while Korea already has relations with institutions like the African Development Bank and the African Development Fund, having a physical presence would provide more accurate insights into the growing and expanding economies despite existing challenges.

"I know the Korean trade offices and some of the countries, which Egypt is one of them, will or already (have) a representative office of the (Export-Import Bank), but I'm talking about commercial banks, talking about development funds, talking about investment companies that are looking for opportunities to be on the ground in Africa and to engage," Rahman said.

Tunisian Ambassador Darragi highlighted the importance of enhancing trade and investment relations between Korea and African nations.

"I think the Korean approach now is to try to conclude as many free trade agreements as possible," Darragi said. "This process is time-consuming; it will take time to achieve such an objective."

As an interim measure, the ambassador proposed an expansion of the Generalized System of Preferences.

"A provisional solution could be to expand the scope of the Generalized System of Preferences, at least on the trade part and on the investment part," he suggested. "There should be more education to the business community about the potential that Africa offers."

Sudanese Ambassador Agarib expressed optimism about the future of Korean investment in Africa, emphasizing the growing partnership between the two regions.

"We are expecting that Korea will do more investment in Africa," Agarib said. "There is a possibility of encouraging the private sector by giving them finance or encouraging financial institutions in Korea to finance certain projects."

Agarib acknowledged the existing success of Korean companies in Africa, citing examples from Sudan.

"Korea already has successful projects in certain countries like Sudan, where we have a car assembly plant and numerous vocational centers," she added.

"South Korea can help African countries build industrial facilities and vocational centers. There is also potential for new fields like mobile phone industries, car manufacturing and even shipbuilding, given our available labor force, which can reduce costs."