By Diplomacy Journal Lee Kap-soo

Hyundai Motor Group co–hosted the 2024 Korea–Africa Business Forum on March 25 in Seoul in partnership with the Centre for Sustainable Structural Transformation (CSST) at SOAS University of London and the Korea–Africa Foundation. 

The forum discussed how Korean and African stakeholders can work together as strategic partners for sustainable development amidst ongoing geopolitical uncertainty.

“Africa holds immense potential for strong partnerships and sustainable development,” said Ken Kim, Executive Vice President of HMG Business Intelligence Institute. “Through this forum, we have set the stage for cooperation between South Korea and African nations, and facilitated a fruitful discussion on how to make Korea a truly forward–looking partner for Africa.”

Distinguished participants from Africa included Rob Davies, the Former South African Minister of Trade and Industry and high–level members from Morocco’s Agency for Nuclear and Radiological Safety and Security (AMSSNuR); Industrial Development Corporation (IDC) of South Africa; African Minerals Development Centre (AMDC); South African Chamber of Commerce in South Korea; and United Nations University. Also in attendance were key African dignitaries, including ambassadors and embassy officials from 9 African countries. 

Representatives from Korea and SOAS CSST included Ken Kim, Executive Vice President of HMG Business Intelligence Institute; Ha–Joon Jang, Research Professor of Economics and co–director of CSST, SOAS University of London; Woon–Ki Lyeo, President of the Korea–Africa Foundation; and Soon–Young Hong, Executive Director of the Export–Import Bank of Korea.

The forum consisted of a closed session in the morning, where key participants came together to discuss the vision and multi–pronged action plan for Korea–Africa economic cooperation. 

In the afternoon, an open session was held to explore private–sector cooperation in areas such as energy transition leveraging green hydrogen and critical minerals, and digitalization and supply cooperation strategy. 

The participants discussed Africa’s energy transition, South African green hydrogen commercialization strategy, investments in alternative energies, Africa’s digitalization progress and its importance for sustainable industrialization, and the challenges and opportunities of a green transition in Africa.

The Group’s participation in the forum is a continuation of the collaboration with SOAS to facilitate dialogue and research about Africa, following an initial announcement made in February this year.