2025 Future Economic Forum: Rediscovering Africa, Advancing Together with Korea

The Korea-Africa Foundation held the "2025 Future Economic Forum" jointly with Yonhap News at the Lotte Hotel in Sogong-dong, Seoul on November 14 (Friday). The forum, which was held under the theme of "Rediscovering Africa, Advancing Together With Korea," was attended by approximately 700 political and business officials at home and abroad, including Minister of Trade, Industry and Resources (Kim Jung-kwan), Chairman of the National Assembly's Trade, Energy and Small and Medium Venture Business Committee (Lee Chul-gyu), National Assembly's Africa Forum(Park Sang-hyuk), Chairman of the Korean Chamber of Commerce and Industry (Chey Tae-won), Secretary-General of the African Continental Free Trade Zone (Wamkele Keabetswe Mene), African Ambassadors to Korea, and others.

The forum consisted of the opening ceremony and three sessions, highlighting the possibility of economic cooperation between Korea and Africa in industries, diplomacy and society as a whole. In Session 1, "Africa at the Center of Rising Global South," Wamkele Kebeatswe Mene, Secretary-General of AfCFTA, delivered a keynote speech, stressing the progress of the African single market and the strategic importance of Africa in the global economic order. Subsequently, Iyinoluwa Aboyeji, CEO of Future Africa, explained the background of the rise of Africa's digital economy and startup ecosystem, presenting opportunities for cooperation between startups in both regions.

In session 2, 'K-Business Meets Africa', the local experiences of Korean companies and models of cooperation by industry were shared. The speakers included Kwon Soon-jin, Director of the Mineral Resources Bureau at Korea Mine Rehabilitation and Mineral Resources Corporation, Lee Kuen-young, Head of Global Business Division at Hyundai Motor, and Cho Il-yun, Managing Director for the Asia-Pacific at Hyundai Rotem, and they gave a presentation about business strategies in the mineral value chain, mobility, and infrastructure, and examples of entering the African market. Finally, in session 3, 'Korea-Africa Economic Partnership, a connecting bridge into the future,' the newly-designated Ghanaian ambassador, Choi Kojo, and Thomas Taban Akot, a surgeon at Inje University Sanggye Paik Hospital, introduced their experience in diplomacy and health, emphasizing the importance of people-centered sustainable cooperation.

△ 2025 Future Economic Forum Event Hall Full Frontal

△ Group photos of major domestic and foreign guests at the forum

△ Hwang Dae-il, President of Yonhap News, stressed that South Korea needs a win-win model with Africa in production, consumer markets and key mineral resources to make a leap forward amid global supply chain restructuring and high-tech competition, and said Yonhap News will serve as a bridge between South Korea and Africa.

△ President Lee Jae-Myung said in a congratulatory speech read by Lee Kyu-yeon, a senior presidential secretary for public relations and communications, that there is a great need to seek economic exchanges and cooperation with Africa, which has unlimited potential, and that it will be a forum for Korea-Africa win-win cooperation a week before the G20.

△ Kim Jung-kwan, Minister of Trade, Industry and Resources, said South Korea and Africa should create a win-win partnership by expanding trade and investment, deepening core mineral cooperation, and establishing infrastructure and systems amid low growth, trade protectionism, and geopolitical conflicts, and promised that the government will lay an institutional foundation for this.

△ Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry, stressed that South Korea should use Africa's huge market, resources and growth potential as a new partnership opportunity to co-exist as a "soft money" model based on manufacturing, energy and technology cooperation amid export-oriented growth limits and supply chain restructuring.

△ Lee Chul-gyu, chairman of the National Assembly's Trade, Industry and Energy, Small and Medium Venture Business Committee, said, "As Africa, which has 1.4 billion people and key minerals, is our important cooperative partner, we need to combine technology and resources to create synergy in the restruction of supply chains, and as chairman, we will strive to ensure that the two regions cooperate mutually."

△ Park Sang-hyuk, a lawmaker of the Democratic Party of Korea at the National Assembly's Africa Forum, said that the synergy will be a new growth momentum for the Korean economy if Korea's technology, Africa's resources and young population are combined, and that the National Assembly will also lay an institutional foundation for stabilizing global supply chains and strengthening cooperation in Africa.

△ Chafik Rachadi, the Dean of African Group of Ambassadors in Korea, said "Africa is a continent of dynamism, youth, and importance in global value chains, and Korea has developed based on resilience, innovation, and human capital to inspire African countries. Cooperation between the two regions in green energy, digital transformation, and health innovation will open up infinite possibilities."

△ Mbongiseni Buthelezi, CEO of Nelson Mandela Foundation, said Korea's history of resilience and innovation is a hope for African countries, and the key areas of cooperation between Korea and Africa are supporting youth innovation, cooperation in green energy and digital technology, and mutual understanding through cultural and human exchanges.

△ AfCFTA Secretary-General, Wamkele Mene, emphasized that Korean companies should move toward common prosperity with Africa through technological innovation and strategic investment in the continent, which is growing into the world's largest single market.

△ Iyinoluwa Aboyeji, CEO of Future Africa (Co-founder of Andela and Flutterwave, the African unicorn companies), said that Africa, a continent so young that its median age is only about 18, has a chance to grow significantly due to the effect of population dividends and that many countries, including the U.S., Japan, and China, are already investing in Africa. He emphasized that Korea should move fast to cooperate with Africa to not lose the opportunity.

△ Kwon Soon-jin, Director of Mineral Resources Bureau at Korea Mine Rehabilitation and Mineral Resources Corporation, said, "While it is difficult to secure supply chains for critical minerals that are essential for future high-tech industries, Africa is rich in rare earth elements, cobalt, manganese and other critical minerals," suggesting that joint development and coexistence with the environment and communities are necessary for sustainable projects.

△ Lee Kuen-young, Head of Hyundai Motor's global business division, said, "There is a high possibility of the African market amid the transition period of electric vehicles, and Hyundai Motor is implementing product and service strategies to suit each country's situation in line with the expansion of the middle class, urbanization, and increased demand for mobility."

△ Cho Il-yun, Managing Director of Hyundai Rotem's Asia-Pacific business office, said, "We need to go beyond vehicle supply to a long-term partnership model such as maintenance, human resources training, and local production, and public-private cooperation is needed in railway vehicle exports, as shown by Moroccan train orders."

△ Choi Kojo, the newly designated Ghanaian ambassador to South Korea, said that Africa, a young continent where 60% of the world's population under the age of 20 exist, is preparing for the future with "people," and that Africa should be considered as a partner, not a market, and emphasized cooperation in climate business and minerals.

△ Thomas Taban Akot, a general surgeon at Inje University Sanggye Paik Hospital, noted that South Sudan has a poor medical environment with a medical specialist population of just 0.4 per 10,000 people, and said he wants to contribute to the development of health care in South Sudan through health care companionship in South Korea.