Online Reporter
Nqobile Bhebhe, [email protected]
THE African Continental Free Trade Area (AfCFTA), of which Zimbabwe is a member has intensified efforts to deepen trade and investment cooperation with the Republic of Korea following high-level engagements with the Korea International Trade Association (KITA) during the inaugural Korea-Africa Economic Committee (KAEC) Business Roundtable held in Seoul.
The landmark engagement brought together leading companies and institutions from Africa and South Korea to explore practical areas of cooperation in manufacturing, energy, infrastructure, digital trade and industrial development.
The engagement marks a significant step towards strengthening commercial partnerships and investment cooperation between Africa and the Republic of Korea under the KAEC framework.
The framework was established following the signing of a Memorandum of Understanding between KITA and the AfCFTA Secretariat during the Korea-Africa Business Summit in June 2024.
Zimbabwe is a member of the AfCFTA.
ZIMTRADE is participating at the 2026 Korea-Africa Business Forum as part of efforts to diversify Zimbabwe’s export markets and unlock new opportunities for local companies in the Asian market.
In a statement, AfCFTA secretary-general Wamkele Mene said African countries, through the continental free trade arrangement, were keen to deepen strategic cooperation with the Republic of Korea in ways that advance industrialisation and sustainable economic transformation across the continent.
“The establishment of the KAEC reflects our shared commitment to building practical and mutually beneficial partnerships between Africa and the Republic of Korea,” he said.
“As Africa advances the implementation of the AfCFTA, we welcome deeper cooperation in trade, investment, industrialisation, technology and infrastructure that supports sustainable economic growth and creates opportunities for businesses and people across both regions.”
The remarks underscore Africa’s growing focus on leveraging the AfCFTA framework to attract investment, strengthen regional value chains and accelerate industrial development through strategic partnerships with global economies such as South Korea.
KITA chairman Jin Sik Yoon said the cooperation framework presented immense opportunities for industrial and economic collaboration between Korea and Africa.
“If Korea’s industrial competitiveness is combined with Africa’s growth potential, we will be able to create a future-oriented model of cooperation that draws global attention,” he said in a statement.
“The KAEC will continue to actively support exchanges between business leaders from both regions and the discovery of cooperative projects.”
The AfCFTA, which came into force in May 2019, is the flagship project of the African Union’s Agenda 2063 and aims to create a single continental market for goods and services across Africa.
KITA is one of South Korea’s largest business organisations, representing more than 80 000 member companies and playing a central role in promoting global trade and investment cooperation.
