Improving trade ties between Africa & South Korea

The 53rd annual meeting of the board of governors of the African Development Bank recently brought together key stakeholders to discuss the future of trade relations between South Korea and Africa. Sung-soo Eun, Chairman and President of Korea Export-Import Bank, highlighted the immense potential for collaboration between the two regions. In an exclusive interview with CNBC Africa's Kenneth Igbomor, Eun emphasized the benefits that increased cooperation would bring to both Korea and Africa. He underscored the importance of leveraging Korea's expertise in high technology sectors like information and communication technology (ICT) to drive industrialization in Africa. Eun also touched upon the opportunities for knowledge sharing and the significance of learning from both successful and failed experiences in order to facilitate the industrialization process in Africa. As discussions around the Continental Free Trade Area (CFTA) agreements gain momentum, Eun expressed his support for trade agreements that involve individual African countries working as a bloc with Korea, citing the convenience and ease of dialogue that such arrangements offer. Overall, the future looks promising for the strengthening of trade ties between Korea and Africa, with mutual benefits on the horizon.