Your Excellency Albert Muchanga,

African Union Commissioner for Trade and Industry,

Your Excellency Ambassador Yeon-ho Choi,

President of the Korea-Africa Foundation,

Distinguished Guests,

Ladies and Gentlemen,

It is a great pleasure to make Congratulatory Remarks at the 2020 Africa-Korea Business Forum on behalf of the Government of the Republic of Korea.

This Forum was created to implement the outcome of the 4th Korea-Africa Forum held in 2016 and is now only two years old. Yet, it has served to testify Korea’s readiness to deepen the economic partnership between Korea and Africa.

I recall that last year’s Forum, held in Addis Ababa on the occasion of the Africa Industrialization Week (AIW), attracted a number of Korean start-ups and young entrepreneurs. This year, I am happy to note that many Korean entrepreneurs attend the Intra-African Virtual Trade Fair organized by the AU and the Government of Rwanda even in the midst of COVID-19 pandemic.

The theme for today’s Forum -- “Emerging Industries in the Post COVID-19 Era” -- is indeed apt and timely.

COVID-19 has not only transformed our daily lives, but also changed the way in which business is done all around the world.

We are now faced with a new normal.

The WHO once predicted that Africa would be the most vulnerable continent with potentially up to 44 million confirmed cases in the face of the COVID-19 pandemic.  Likewise, experts predicted that COVID-19 would hit the continent most severely, resulting in 19 million people losing their livelihoods, 290 million people additionally falling under the extreme poverty line, resulting in a deteriorating trade deficit, a reduction in remittances, and food crisis.

Over the past several months, however, Africa has demonstrated a clear resilience in response to the pandemic, with the least confirmed cases of all the continents – it is still below two million cases.  No doubt, Africa will continue to show great resilience, proving that it is able to translate its economic potential into reality even during this global crisis.

Distinguished guests,

Over the recent years, Korea and Africa have been broadening the economic partnership in various areas.

With drastic changes the COVID-19 pandemic has brought to our economies, it is time to renew our commitment.

Africa, with its rapidly increasing young population and rising income levels, is emerging as the next big consumer market as well as a great manufacturing base.

The African Continental Free Trade Area (AfCFTA) will bring countries in the continent closer to each other, realizing significantly increased intra-African trade and thereby creating millions of jobs in Africa.

We need to take full advantage of opportunities presented to us, paving the way for a new strategic cooperation between Korea and Africa.

First and foremost, Korea has worked closely with Africa in the response to COVID-19. Drawing upon the lessons learned in its experiences of responding to COVID-19, based on its rapid diagnostic testing, thorough tracing as well as swift treatment,  Korea has assisted Africa’s efforts to combat the COVID-19 with more than 160 million USD worth of assistance package.

A series of webinars have been offered by the Korean health authorities in an effort to share their practical know-how in the prevention and control of the disease. Korea-made test kits and medical face masks are being distributed in 44 African countries.  With support from KOICA, Madagascar opened the nation’s first National Laboratory for infectious disease and DR Congo opened the COVID-19 Diagnosis Center just this month.

The pandemic has in fact brought new business opportunities for African and Korean countries alike.

Korea’s diagnostic test kits are now being exported to Morocco, Gabon, Equatorial Guinea and many other African countries.

Pasteur Institutes, local hospitals, and pharmaceutical companies from Senegal and Korea joined hands to conduct a clinical trial for COVID-19 treatment.

Secondly, ICT is another area in which there is great scope for the deepening of our partnership in the new normal era.

Rather paradoxically, COVID-19 has in some senses enabled the world to engage in new types of virtual contact.  A digital age is presenting new opportunities for both Africa and Korea.

Korea is pursuing the Digital New Deal, pushing digitalization in a wide range of our lives with bolder and forward-looking investment. 

On the African side, a digital transformation is under way in Sub-Saharan Africa with the fastest-growing mobile economy in the world.  Mobile technology and service economy accounts for around 9% of the total GDP of Sub-Saharan African countries, and the number of mobile subscribers in Sub-Saharan Africa is estimated to be 477 million, accounting for 45 percent of the entire population.

Korean companies are playing an increasing part in constructing sound infrastructure for Africa's digital transformation.

For instance, the largest Korean telecom company, KT Corporation, successfully completed the construction of Africa's first nationwide 4G LTE network in Rwanda.

In Gabon, KT replaced the previous network with the latest high-speed system, allowing more than 60% of Gabonese people to enjoy uninterrupted Internet access.

Start-ups are coming to the fore, connecting Korea and Africa.

For example, Tella, a Korea-based English mobile tutoring service, hires young Ugandans as English tutors via internet - and it has proved a big hit among Koreans who want to improve their English.

In the coming years, I expect to see more start-up success stories, connecting entrepreneurs in Korea and Africa.

Thirdly, Korea is a committed partner for Africa’s industrialization. COVID-19 has accelerated the fragmentation of global value chains, making Africa more attractive as a manufacturing base.

Korean investment in the private sector in Africa is on the rise. Samsung is operating manufacturing plants in various places in Africa -- South Africa and Egypt, to name a few.

More Korean enterprises such as LG, Hyundai, and Daewoo have established a solid presence in Africa, deepening the economic ties between Africa and Korea.

Together with the engagement by Korean enterprises, the Korean government has also played an active role in boosting industrialization in Africa by dedicating a significant amount of its development cooperation.  The total amount of financing the Korea Economic Development Cooperation Fund (EDCF) has provided for various infrastructure projects in Africa reaches 4.5 billion USD since 1987.

Distinguished Guests,

Last year, the Korean Prime Minister as well as the Foreign Minister paid visits to Africa and demonstrated Korea’s

commitment to further strengthen partnership with Africa.

Next year’s 5th Korea-Africa Forum (KAF), and Korea-Africa Economic Cooperation Ministerial Conference (KOAFEC) will also bring policy makers and entrepreneurs of Africa and Korea closer together.

In closing, I would like to quote a Nigerian proverb that says: “A man cannot sit down alone to plan for prosperity.”  In times of difficulty, it is all the more important to join hands with friends.

As we look to the future, Korea is ready to work together with our friends of Africa in a spirit of partnership.  By doing so, we will be better able to overcome the challenges and build a future of prosperity.

I look forward to today’s Forum generating valuable insights that will guide us on the path towards a strengthened bondage of friendship for a brighter future.

Thank you.   /The End/