The Africa-Korea Business Summit was hosted at the Peninsula Hotel in Paris by the Korea-Africa Foundation and the Korea Chamber of Commerce and Industry (KCCI) with support from the Ministry of Foreign Affairs of the Republic of Korea. The theme for the business summit was ‘Africa-Korean partnership in an era of great transformation.’

The President of the Korea-Africa Foundation, Lyeo Woon-ki stated ‘This summit was organized to lay the foundation for '2024 Korea-Africa Summit' scheduled for next year and to provide an opportunity for Korean companies to explore market entry strategies into Africa and enhance their understanding of cooperation measures, especially given the full implementation phase of the AfCFTA that commenced in 2021." The Korean government plans to host the Korea-Africa Summit in 2024 in Korea.

The AfCFTA is the most extensive free trade zone both in terms of geographical coverage and the number of participating countries since the inception of the World Trade Organization (WTO). Fifty-four of the 55 African Union countries (excluding Eritrea) are members of the organization, representing 1.3 billion people and the economic bloc boasts a collective GDP of $3.4 trillion.

The summit featured presentations and in-depth discussions on topics including economic integration, trade, industrialization and productivity gaps, and opportunities for collaboration with Korean businesses and investors across a range of industries including agriculture, mining, energy, renewables, manufacturing and digitalization.