Africa is changing and Korea should get on board, ambassadors of African nations said at a forum in Seoul on Wednesday to celebrate Africa Day.
“Currently, six of the world’s 10 fastest growing economies are in Africa,” said Albino Malungo, ambassador of Angola and dean of the African Group of Ambassadors. “The African train has already left the station. The message to our Korean business partners is that Africa is the new global growth pole and the next market.”
The Korea-Africa Foundation, African Diplomatic Corps in Korea and Federation of Korean Industries hosted the Africa Business Seminar at the FKI Tower in western Seoul, on Wednesday. Organizers highlighted the African Continental Free Trade Area, which includes 44 countries and intends to pool together African goods and services into a single market with free movement of people and investment.
The free trade area “is aware that there are other economic communities in the regions where it will [have] impact,” said Rwandan Ambassador Emma-Francoise Isumbingabo, who chaired the preparation committee for this year’s Africa Day celebration in Korea. “[The free trade area] will work closely with existing communities, aligning itself with their goals and objectives, and ensuring that cooperation with foreign and outside investment in the African market is made easy and approachable.”