The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    BTS producer encourages anticipation for future messages from group

  • 3

    From hip-hop idols to global superstars, BTS shatters records over decade

  • 5

    LIFE'S OLLE TRAILS 1How hiking Jeju's 437km of trails changed my life

  • 7

    Korea beats Nigeria to advance to semifinals at FIFA U-20 World Cup

  • 9

    Korea sees record-high number of flu patients for late spring

  • 11

    Election watchdog under fire for refusing to accept inspection

  • 13

    Baritone Kim Tae-han wins Queen Elisabeth Competition

  • 15

    K-food transforms global culinary industry

  • 17

    Shipbuilding stocks rally over hope for 'super cycle'

  • 19

    Deep-rooted problems push nurses to handle doctors' duties

  • 2

    Senior citizens land low-wage jobs after retirement: report

  • 4

    Korean shorthairs among favorite cat breeds as more people choose to adopt pets

  • 6

    Tom Cruise to visit Korea to promote new film

  • 8

    S. Korea, Japan agree to prevent recurrence of maritime dispute

  • 10

    Korea denies discussion with EU on sending ammunition to Ukraine

  • 12

    Concerns rise over Samsung SDS' growing intra-group transactions

  • 14

    Korean bio firms to seek new opportunities at int'l convention in Boston

  • 16

    3 EXO members file antitrust complaint against SM Entertainment

  • 18

    Korea, Japan agree to hold working-level talks to prevent repeat of 2018 maritime incident: Seoul's defense chief

  • 20

    Busan Film Festival accepts director Huh Moon-yung's resignation

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
Tue, June 6, 2023 | 04:13
Companies
INTERVIEWKorea urged to boost trade with Africa to win support for Busan Expo
Posted : 2022-06-19 09:10
Updated : 2022-06-20 16:36
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
gettyimagesbank
gettyimagesbank

Safcham asks Yoon government to sign FTA with at least one African country

gettyimagesbank
South African Chamber of Commerce in Korea Chairman Timothy Dickens / Courtesy of Daeryook & Aju
By Park Jae-hyuk

Africa has emerged recently as one of the major focuses of the Korean government, since support from countries of the African continent will be essential for Busan to win the race against Saudi Arabia's Riyadh, Italy's Rome and Ukraine's Odesa to be selected as the venue for the 2030 World Expo.

While the central and municipal governments have invited African ambassadors to the second-largest city of Korea to win them over, top conglomerates are also planning to send economic delegations to the continent.

Korea's trading partnerships with African nations, however, appear to be not strong enough yet to ensure their support for Busan's bid to host the international event, according to Timothy Dickens, the chairman of the South African Chamber of Commerce in Korea (Safcham).

Established in late 2016, Safcham is currently the only African chamber of commerce in Korea. It has therefore been willing to help African businesspeople from all across the continent, even if they are not South Africans.

Dickens, who has worked for the Korean law firm Daeryook & Aju since 2013 as a foreign attorney qualified in both England and South Africa, urged the Korean government to show African countries its commitment to expanding relations and business.

"Actions prove louder than mere words," he told The Korea Times in a recent interview held on the occasion of the 30th anniversary of the two countries' diplomatic ties.

The Safcham chairman particularly pointed out the fact that no African country comes even close to being in Korea's top 25 trading partners.

"Roughly only 1 percent of Korea's trade is done with Africa as a whole," he said. "By contrast, Korea's largest trading partner, China, which has an equivalent-size consumer market with 1.4 billion people, makes up a total of 25 percent of Korea's trade. As you can see, this does not make a lot of sense when considering market sizes and potential."

Dickens advised the Korean government to sign a free trade agreement (FTA) with at least one African country under the presidency of Yoon Suk-yeol, saying that the lack of an FTA has made it "extremely" difficult for African products to compete with other products in Korea.

Although Korea's previous Moon Jae-in administration had talks with the Egyptian government on a potential trade pact, there has yet to be any FTA signed between Korea and an African country.

"As an example, South African wine is some of the best wine that you will find, but due to import taxes and duties, it makes it unfeasible for exporters to consider Korea," Dickens said. "Additionally, it prices the product out of the market where you will have the U.S., European, Chilean and Australian wines having a distinct advantage."

He emphasized that Korea will also enjoy benefits if it signs an FTA with any African country, thanks to the African Continental Free Trade Area (AfCFTA).

AfCFTA refers to an intra-African economic bloc including 54 out of 55 African Union nations. It has removed trade barriers to foreign companies operating across the African continent, opening access to its population of almost 1.4 billion.

"South Africa supplies large-scale ore slag and ash together with iron and steel to Korea," Dickens said. "In addition, we have the world's richest deposits of platinum, so with the current move towards green carbon, this could be a massive area of interest for South African business towards Korean companies."

gettyimagesbank
South African Chamber of Commerce in Korea Chairman Timothy Dickens, second row fourth from left, poses with participants in the Korea-Africa Business-Financial Seminar in Busan, June 10. Courtesy of Korea-Africa Foundation

Hopes for foreign-friendly business policies

Eased regulations were also mentioned as what Safcham wanted from the Korean government.

The Safcham chairman recognized the current administration for its continuous efforts to make the business environment in Korea a little more foreigner-friendly.

Just like members of other foreign chambers in Korea, however, he added that there are still many policies, practicalities and restrictions that make Korea more burdensome to do business in than one might find in other countries.

The attorney particularly criticized the Serious Accidents Punishment Act, which could send a company's CEO to jail if a fatal industrial accident occurs at a company worksite.

He regarded the law as one of the issues that makes foreign companies reluctant to choose Korea as their first destination, although he viewed Korea as an "excellent" country for South African businesspeople to use as a "doorway" into the Asian market, due to its efficiency, safety and speed of business.


Emailpjh@koreatimes.co.kr Article ListMore articles by this reporter
 
wooribank
Top 10 Stories
1Korean shorthairs among favorite cat breeds as more people choose to adopt pets Korean shorthairs among favorite cat breeds as more people choose to adopt pets
2[ANALYSIS] S. Korean economy feared to follow in Japan's footsteps ANALYSISS. Korean economy feared to follow in Japan's footsteps
3Agency launched to offer exclusive support for overseas KoreansAgency launched to offer exclusive support for overseas Koreans
4Retailers use recycled, biodegradable plastic to attract eco-conscious consumers Retailers use recycled, biodegradable plastic to attract eco-conscious consumers
5Retail investors bet on wrong horse despite KOSPI rallyRetail investors bet on wrong horse despite KOSPI rally
6Embassy of Italy celebrates Republic Day Embassy of Italy celebrates Republic Day
7HD Hyundai, Hanwha Ocean to compete in Busan to sell naval ships HD Hyundai, Hanwha Ocean to compete in Busan to sell naval ships
8Ex-BOK economist to head KCCI's think tank Ex-BOK economist to head KCCI's think tank
9Stats agency to use Naver's AI chatbot to offer tailored data for firms Stats agency to use Naver's AI chatbot to offer tailored data for firms
10Memorial event to be held for fallen Thai soldiers of Korean War Memorial event to be held for fallen Thai soldiers of Korean War
Top 5 Entertainment News
1[REVIEW] 'The ODD Of Love' concert: Taeyeon shows why she is among K-pop's top vocalists REVIEW'The ODD Of Love' concert: Taeyeon shows why she is among K-pop's top vocalists
2Baritone Kim Tae-han wins Queen Elisabeth Competition Baritone Kim Tae-han wins Queen Elisabeth Competition
3Busan Film Festival accepts director Huh Moon-yung's resignation Busan Film Festival accepts director Huh Moon-yung's resignation
4[INTERVIEW] 'One Day Off' star Lee Na-young, director on creating subtle, feel-good series INTERVIEW'One Day Off' star Lee Na-young, director on creating subtle, feel-good series
5'HyeMiLeeYeChaePa' producer Lee Tae-kyung hopeful of second season 'HyeMiLeeYeChaePa' producer Lee Tae-kyung hopeful of second season
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group