"Africa Holds Great Potential in Key Minerals... Korean Companies Should Focus on Cooperation"

KITA Hosts Korea-East African Community Economic Cooperation Forum
Increased Trade Expected with Introduction of Single Customs Bond System

It has been suggested that Korean companies should focus on cooperating with Africa, not only because of its value as a supply chain for key minerals and energy, but also due to its potential as a future consumer market.

The Korea International Trade Association held the "Korea-East African Community (EAC) Economic Cooperation Forum" on May 7 at Trade Tower in Samseong-dong, Gangnam-gu, Seoul.

This forum was organized to enhance Korean companies’ understanding of the EAC region, which is emerging as a promising new market with a population exceeding 300 million and high economic growth rates, and to explore successful market entry strategies.

More than 100 participants attended the event, including Yoon Jin-sik, Chairman of the Korea International Trade Association; Bakuramutsa Nkubito, Rwandan Ambassador to Korea; Emmy Jerono Kipsoi, Kenyan Ambassador to Korea; and representatives from companies interested in expanding into East Africa.

At the 'Korea-East African Community (EAC) Economic Cooperation Forum' held on the 7th at Trade Tower in Samseong-dong, Gangnam-gu, Seoul, Yoon Jin-sik, Chairman of the Korea International Trade Association, is delivering the opening remarks. Korea International Trade Association

In his opening address, Chairman Yoon Jin-sik highlighted, “Africa has significant potential not only as a supply chain for key minerals and energy, but also as a future consumer market. In particular, East Africa is a strategic hub connecting the Indian Ocean and the African interior, making it an important cooperation partner that Korean companies should pay close attention to.”

The forum consisted of two sessions: "East African Culture and Economic Landscape" and "Business Environment and Market Entry Cases by Country."

Jin Sang Lee, endowed professor at Korea Aerospace University, analyzed economic trends in the EAC and forecast increased intra-regional trade following the implementation of the single customs bond system this year. The single customs bond system enables inland transport across the EAC without the need to pay customs deposits at individual borders, instead using a single guarantee.

Dong Hyuk Lee, team leader of the Africa Department at the Export-Import Bank of Korea, presented cases of Economic Development Cooperation Fund (EDCF) approval, such as the Kenya Smart City project and Tanzania infrastructure development projects. Won Chang Kang, deputy general manager at Kerry Logistics, emphasized the importance of organically connecting inland cargo logistics within Africa and maritime logistics infrastructure in East African coastal countries such as Tanzania and Mozambique.

The final panel discussion featured representatives from local subsidiaries of companies such as LG Electronics (consumer goods), Sungshin RST (infrastructure), and Bomi Construction (construction), who shared practical business know-how and key considerations for market entry based on their real-world experience.

Meanwhile, this event was held as part of the Trade Association’s “Global Promising Market Series.” Following last month’s forum on CIS regions, the association hosted this East Africa forum and plans to continue with future events targeting regions such as Latin America.

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