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[Africa Forum] Africa Day forum highlights synergy opportunities in startups, tech, energy
During a panel discussion titled 'Building Bridges, Creating Opportunities: Korea-Africa Synergy in an Era of Disruption,' moderated by Tunisian Ambassador to Korea Kais Darragi, participants discussed areas where African countries and Korea can collaborate, as well as the limitations both sides must overcome to achieve mutual benefit.
Opening the discussion, Kenyan Ambassador to Korea Emmy Kipsoi emphasized Africa's vast potential, particularly in its highly skilled and youthful workforce in science and technology. She urged Korean companies to invest more actively in research and development across the continent.
'The value chain will begin and end in Africa. So the best place to begin your R&D is in our universities. This is the space that is open for you,' Kipsoi said.
She also called for stronger networking between Korea and African countries at both government-to-government and government-to-business levels, while addressing the need to fix existing trade imbalances.
From the Korean business side, Yook Eun-a, executive vice president of Heerim Architects and Planners, emphasized the importance of understanding local cultures and knowledge exchange when doing business in Africa.
'We always work together with local talents to understand the culture — otherwise, our building design does not mean much,' Yook said. She noted that Heerim collaborates with local universities and technical schools and supports internships, design studios and workshops.
'This is a win-win situation not only for us but also for the clients in our new markets,' she added.
Gloria Ineza, CEO and co-founder of SKN By G&G, a leading distributor of premium Korean skincare products in East Africa, highlighted the need to increase awareness of Korean startup support programs in Africa and expand institutional hubs across the continent.
'As a young entrepreneur in Rwanda, there was not much support in terms of funding, so I had to be self-reliant at the start,' Ineza said, adding that she only discovered organizations like the Korea-Africa Foundation after founding her company.
'We need to raise more awareness when it comes to startups because many young entrepreneurs simply don't know that this foundation exists.'
Timothy Dickens, chairman of the South African Chamber of Commerce, identified energy and infrastructure as two key sectors for Korea-Africa collaboration. Acknowledging Korea's strength in both areas, he urged Korean firms to partner with local players to facilitate knowledge transfer and implement large-scale projects.
As an attorney affiliated with Korean law firm DR & AJU, Dickens also pointed to the lack of legal frameworks to support Korea-Africa business ties, as well as visa restrictions, which present hurdles to engagement.
'One of the biggest issues we face with our clients is that Korea has no free trade agreement with any African country — which is surprising, considering that Korea probably has the most FTAs in the world.'
Echoing Dickens' view, Ambassador Darragi suggested Korea introduce a Generalized System of Preferences or GSP scheme for non-least-developed African countries to promote trade and easy access to African products in the Korean market.
'Africa offers a new destination for global supply chains for Korean businesses seeking to diversify their geographical footprint. Africa also represents a natural ally in promoting international cooperation, a rules-based order and the free flow of global trade,' he added.
Um Sung-yong, executive director and head of the EDCF Operation Group at the Export-Import Bank of Korea, presented the Korean government's ODA-backed Economic Development Cooperation Fund program, noting that Africa is the second-largest recipient region after Asia.
'We provide loans to the governments of our partner countries to construct basic infrastructure that supports economic growth,' Um said.
He emphasized that Africa must attract more private investment to better utilize its abundant natural resources and critical minerals.
'Infrastructure such as water pipelines, railways and seaports is crucial for exporting critical minerals. The EDCF offers loans and direct funding so partner countries can build such infrastructure,' he explained.
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