Korea-South Africa Business Forum "Cooperation Should Focus on Hydrogen Economy and Nuclear Power"

KCCI, South African Business Association, and South African Embassy in Korea
to Hold 'Korea-South Africa Business Forum' in Johannesburg on the 26th

Seoul Jung-gu Korea Chamber of Commerce and Industry. / Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Donghoon Jeong] The Korea Chamber of Commerce and Industry (KCCI) held the 'Korea-South Africa Business Forum' on the 26th at the Sandton Convention Centre in Johannesburg to commemorate the 30th anniversary of diplomatic relations between Korea and South Africa.

The event was co-hosted by the KCCI, the Black Business Council of South Africa (BUSA), and the Embassy of the Republic of Korea in South Africa. On the Korean side, about 30 people attended, including Woo Tae-hee, Executive Vice President of KCCI, Park Cheol-ju, Ambassador of the Korean Embassy in South Africa, Park Jung-heum, Chairman of the Korea Plant Industry Association, Kim Jun, Vice Chairman of SK Innovation, Hong Beom-seok, Head of Samsung Electronics Africa Division, and Lim Hyung-jung, Head of Hyundai Motor Middle East and Africa Division.

On the South African side, about 150 people attended, including Cass Kubadia, President of the Black Business Council, Priscilla Mabere, Vice President of SASOL (South Africa's largest petrochemical company), and Jacob Lensberg, Director of the South African Road Freight Association.

In his opening remarks, Woo Tae-hee, Executive Vice President of KCCI, said, "Korea and South Africa must jointly address the common global challenges of climate crisis response and energy transition," adding, "The world-class technology Korea has accumulated in hydrogen energy and nuclear power will meet South Africa's abundant resources to contribute to the future prosperity and strengthening of friendly relations between the two countries."

Cass Kubadia, President of the Black Business Council, said in his opening address, "Korea's growth has been a great motivation and a good model for South African companies," and added, "I hope that this event will serve as an opportunity to expand cooperation between the two countries into future-oriented industries."

Park Cheol-ju, Ambassador of the Korean Embassy in South Africa, stated in his congratulatory remarks, "Trade between Korea and South Africa has grown more than fourfold from $800 million (about 1.1464 trillion KRW) in 1993 to $3.6 billion (about 5.1516 trillion KRW) last year," and expressed hope that "through cooperation between companies of both countries, we can jointly pioneer the African market."

Experts from Both Countries: "We Must Turn Challenges Such as Climate Crisis and Power Shortages into Growth Engines through Joint Efforts"

At the Korea-South Africa Business Forum, hydrogen and nuclear power were the main areas of cooperation discussed between the two countries.

In the session on cooperation in the hydrogen sector, Lee Ho-mu, Senior Research Fellow at the Korea Energy Economics Institute, who presented on behalf of Korea, said, "South Africa possesses abundant platinum, a key mineral for the hydrogen economy, accounting for 70% of global production," and added, "As climate change response has emerged as a common challenge beyond borders, hydrogen as a clean energy source will be a future cooperation agenda for both countries."

Priscilla Mabere, Vice President of SASOL, who presented on behalf of South Africa, said, "Korea's government and companies efficiently share roles to tackle national challenges such as new industry investment and overcoming economic crises, which is impressive," and added, "There is a growing interest in South Africa to learn from this system."

She further mentioned, "I hope that through technological cooperation between Korean companies recognized globally for their hydrogen technology, such as Hyundai Motor and SK Group, and South African companies, both countries will demonstrate global leadership in the hydrogen sector."

A session discussing cooperation in the nuclear power sector also followed. Choi Ki-yong, Director of the Intelligent Nuclear Safety Research Institute at the Korea Atomic Energy Research Institute, said, "South Africa is currently experiencing an energy crisis due to power shortages," and emphasized, "We need to expand cooperation not only in renewable energy such as solar and wind but also in the nuclear power sector."

The Korea Nuclear Export Industry Association expressed that through this forum, they aim to explore opportunities to export Korean technology, including the four nuclear reactors exported to the UAE and domestic nuclear power operation experience, to South Africa.

The South African Nuclear Energy Corporation (NECSA) stated, "As Minister of International Relations and Cooperation Naledi Pandor, who visited Korea two weeks ago, also emphasized cooperation in nuclear power, this sector will become a key area of cooperation between the two countries in the future."

Meanwhile, the event was attended by diplomats from 10 countries, including Arshad Omar Esmaeel, Ambassador of Iraq to South Africa; Lindiwe Kunene, High Commissioner of Eswatini; Ay?eg?l Kanda?, Ambassador of Turkey to South Africa; Maria Tzotzorkova, Ambassador of Bulgaria to South Africa; Mohammed Hacene Echarif, Ambassador of Algeria to South Africa; as well as representatives from Oman, Zimbabwe, Guinea, Sri Lanka, and the United States, demonstrating high interest in economic cooperation between the two countries.

Lee Sung-woo, Head of the International Trade Division at KCCI, said, "It is very encouraging that about 200 businesspeople from Korea and South Africa gathered in Johannesburg to mark the 30th anniversary of diplomatic relations," adding, "We will continue to make efforts to create opportunities for Korean companies to strengthen supply chains by utilizing South Africa's abundant mineral resources and to grow together in various fields such as future energy cooperation."

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