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Korea Herald

[Africa Forum] Korea, Africa eye stronger trade ties amid shifting global supply chains

South Korea's Deputy Minister for Trade Park Jongwon on Wednesday reaffirmed the country's commitment to deepening economic cooperation with Africa at the Africa Day 2025 Korea-Africa Business Forum, highlighting the continent's growing global influence and economic potential. 'With abundant mineral resources and the world's youngest population, Africa is emerging as a global growth engine and a promising consumer market,' Park said in his congratulatory remarks at the forum. He cited the African Continental Free Trade Area as a major turning point, noting that it lays the groundwork for Africa to become the world's largest single market, with a combined GDP exceeding $3 trillion. He also pointed to the upcoming G20 summit in South Africa — the first to be held on the continent — as a sign of Africa's rising global importance. 'Korea and Africa have maintained close and friendly relations for more than 60 years as trustworthy partners. Many competitive Korean companies have expanded business cooperation with African countries in various sectors, including automobiles, electronics and textiles,' Park said, adding that Africa's natural resources have been vital to Korea's industrial growth. 'As global supply chains shift, combining Korea's advanced technology with Africa's potential will generate powerful synergies for mutual growth,' he said.