Martial Arts, Hosting the '2021 Africa Business Outlook Annual Forum'
[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association (KITA) announced on the 17th that it jointly held the '2021 Africa Business Outlook Annual Forum' with the Korea-Africa Foundation.
At the forum held the previous day, experts on the African market and economy gave presentations on the impact of the novel coronavirus disease (COVID-19) in Africa, changes in trade and investment environments, economic outlook for next year, and COVID-19 response cases and overcoming strategies of companies operating locally.
In his welcoming remarks, Hanjin-hyun, Vice Chairman of KITA, said, "The pandemic is accelerating changes in the global economy and industrial landscape," adding, "Korea and Africa can pursue mutual growth through cooperation in new growth sectors."
Oh Kyung-il, head of the regional research team at the Overseas Economic Research Institute of the Export-Import Bank of Korea, said, "The International Monetary Fund (IMF) has downgraded the average economic growth forecast for Sub-Saharan African countries to -3.0% this year due to the impact of COVID-19, but it projects a positive growth of 3.1% next year," and added, "The consumer market continues to expand centered on online platforms, and the launch of the African Continental Free Trade Area (AfCFTA) and the African Development Bank's (AfDB) energy infrastructure project, the 'Africa Energy New Deal Policy,' could provide new entry opportunities for our companies."
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Kim Young-woong, director of Mirae Green Chemical, said, "Due to COVID-19 making face-to-face marketing difficult, not only has it become harder to develop overseas sales channels, but the possibility of buyers breaching contracts has also increased, requiring caution," and added, "To prevent this, active risk hedging such as trade insurance is necessary, and non-face-to-face marketing capabilities such as virtual exhibitions and video consultations should be strengthened."
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