Yonhap News Agency, 29 May 2025
By Kim Seung-yeon
(Yonhap Interview) Africa a 'market of certainty' for S. Korea amid shifting trade climate: AfCFTA chief
JEJU, South Korea, May 29 (Yonhap) -- Africa offers South Korea a reliable alternative market grounded in a rules-based system and predictability, making it an attractive partner amid a shifting global trade environment, the head of the region's free trade bloc has said.
Wamkele Mene, secretary-general of the African Continental Free Trade Area (AfCFTA) made the remarks, expressing hope that South Korea and Africa will work together to create more opportunities to further expand their partnership.
"What we offer is a reliable, dependable alternative market that will offer your investment certainty of market, predictability of market and a rules-based system of trade," Mene said in an interview with Yonhap News Agency on the margins of the Jeju Forum for Peace and Prosperity on Wednesday.
Mene has been leading the continental trade pact of African nations since his election as the chief of its secretariat in 2020. The AfCFTA, signed by all African Union member countries but one and ratified by 48, aims to create a single African market.
"Obviously, the U.S. is a very important market for South Korea. However, the world is rapidly changing. I believe that all countries should be asking themselves where our alternative markets are if our partner is imposing tariffs that are against the free trade agreement," he said.
"I believe once there is a new (South Korean) government, we will be back on track to identify bankable projects to invest in, that we identify market access for trade and strengthen that aspect of our relationship," Mene said.
With South Korea set to choose its new president next week, Mene said he will continue engaging with the incoming government to ensure the path established during last year's inaugural South Korea-Africa summit is maintained.
"It's a very encouraging signal that whichever party wins, the partnership with the African continent will remain a priority," he said. "So far, I have no reason to believe that the new government will depart from what has been agreed to."
Mene said he is willing to visit Seoul again soon to meet with the new government and continue the dialogue on follow-up steps from the summit.
Noting the vast investment potential in Africa for South Korean businesses, Mene introduced manufacturing as a key sector for building the partnership, along with critical minerals and renewable energy, among others.
"Hyundai, Samsung and LG can expand their manufacturing and productive capacity in Africa," he said. "We need to encourage more Korean private sector to take advantage of the AfCFTA because it will give Korean investors preferential market access to 48 markets on the continent."
In this vein, Mene said the first summit with South Korea was a starting point that allowed both sides to identify trade and investment opportunities.
"I believe it's very important that we follow through on those commitments and aspirations that are contained in that summit declaration," he said.
"How we get the private sectors to sit around the table and identify these investment opportunities is really the next immediate task at hand."
