Seoul: Africa has the potential to become a strategic partner for South Korea in the car manufacturing and tech industries, with its abundant critical mineral resources and push for industrialization and digitalization of the continent, the head of the region's free trade bloc said Tuesday.
According to Yonhap News Agency, Wamkele Mene, secretary-general of the African Continental Free Trade Area (AfCFTA), emphasized in a written interview that Africa presents vast opportunities for partnership with Korean companies, particularly in sectors driving the continent's industrial, digital, and green transformation. The AfCFTA, a significant trade agreement signed by all African Union member states except one, aims to create the largest free trade area globally. It entered into force in 2019, with formal trading commencing in 2021.
Mene highlighted that Korean conglomerates such as Hyundai, Samsung, and LG could establish regional production hubs in Africa, producing components and consumer goods that qualify under AfCFTA's rules of origin, granting duty-free access across the continent. He also noted the newly launched Korea-Africa Critical Minerals Dialogue, which provides opportunities for joint ventures in processing lithium, cobalt, and graphite, aligning with global electric vehicle and battery supply chains while strengthening Korea's supply chain security.
In February, the bilateral critical minerals dialogue was officially launched to boost economic ties between the two regions, following the Korea-Africa Summit attended by delegations from 48 African nations last year. Additionally, in May, Korea and AfCFTA signed a memorandum of understanding to create a cooperation fund to facilitate trade, bolster institutional and technical ties, and foster economic cooperation.
Mene stressed that manufacturing and industrialization are central to Africa's growth agenda, with Korea's technological excellence and production efficiency helping to build regional value chains in automotive, electronics, and machinery. This collaboration could enable African economies to transition from raw material exports to manufacturing and assembly.
He also pointed out that the digital economy and green industry could become promising frontiers for economic cooperation between Korea and Africa. With Africa's booming mobile and fintech sectors, Korea's global leadership in ICT and smart infrastructure offers strong synergies. Korea's Uni-Pass customs platform, already in use in Ghana and Tanzania, exemplifies Korea's efforts to transfer technology to advance Africa's digital trade, e-commerce, and public digital systems.
For the green industry, Korea's expertise in renewable energy, climate-smart agriculture, and EV manufacturing can assist Africa in fostering a green transition and deepening its industrial capacity. Additionally, Korea's proven expertise in infrastructure development and smart cities can help close Africa's infrastructure gap and support AfCFTA implementation.
Mene stated that AfCFTA aims to offer Korean companies a "predictable" and "unified" market of over 1.4 billion people by harmonizing regulations, lowering tariffs, and simplifying customs procedures, thereby removing barriers that previously fragmented Africa's economies. By combining Korea's technological expertise and investment capacity with Africa's vast resources and growing integrated market, the AfCFTA-Korea partnership can drive industrialization, digital innovation, and sustainable growth across the continent, anchored in mutual benefit and shared prosperity.
The AfCFTA secretary-general is scheduled to deliver a keynote speech at the Future Economic Forum, co-hosted by Yonhap News Agency and the Korea-Africa Foundation in Seoul. The forum, themed "Rediscovering Africa: Leaping Forward Together with South Korea," will gather officials from African diplomatic missions in Seoul, representatives from the Korea-Africa Foundation, and experts from academia and the private sector to discuss Africa's current economic landscape, strategies for Korea-Africa cooperation, and key challenges.