Martial Arts, 'COVID-19 and the African Economy' Webinar Held

[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association (KITA) organized an online seminar to examine the spread of the novel coronavirus disease (COVID-19) across the African continent and to highlight the potential of Africa as an emerging market at a time when advanced countries are seeking to diversify their supply chains.

KITA announced on the 22nd that it held the ‘COVID-19 and the African Economy’ webinar online in collaboration with the Korea-Africa Foundation and the Ministry of Foreign Affairs.

In a video congratulatory message, Han Jin-hyun, Vice Chairman of KITA, said, "Africa is a growing market based on abundant resources, domestic demand, and a young workforce, but it is a market that is difficult to access easily due to limited information and physical and psychological distance. I hope today’s seminar will provide new insights into the African market and serve as a turning point to prepare for business again in the post-COVID era."

Professor Lee Hoon-sang of Yonsei University Graduate School of Public Health stated in his presentation, "In more than half of the countries on the African continent, regional infections are occurring mainly in urban areas. Africa requires a different approach from advanced countries, and activities such as preparing for national crises, securing food supply chains, and supporting the impoverished must be carried out together."

Seosang-hyun, Senior Researcher at POSCO Research Institute, said, "Due to lockdown measures and the sharp drop in oil prices caused by COVID-19, the economies of major countries such as South Africa, Nigeria, and Angola are retreating, which may disrupt automobile production and the supply of secondary battery materials such as cobalt and nickel. After the end of the pandemic, Morocco could emerge as a new supplier of automotive parts to Europe, increasing the possibility of cooperation with Korean companies."

Son Byung-il, Head of KOTRA’s Africa Regional Headquarters and Trade Office in Johannesburg, said in a video message, "In the post-COVID era, public procurement projects in sectors such as transportation and agricultural machinery, medical devices, and defense products, where government investment intentions are high, Korean products have comparative advantages, and competition with China is not intense, are promising."

Additionally, Professor Kim Sung-hye of Hanyang University’s Medical School and Researcher Lee Seung-hee of KOTRA participated as panelists and took time to answer questions from viewers.

This content was produced with the assistance of AI translation services.