The Korea International Trade Association (KITA) held the "Korea-East African Community (EAC) Economic Cooperation Forum" at Trade Tower in Samseong-dong, Gangnam-gu, Seoul on Tuesday.
The forum was organized to explore strategies for entering the EAC region, an emerging market with more than 300 million people and high economic growth rates. The EAC is an economic community comprising eight countries: Kenya, Uganda, Tanzania, Rwanda, Burundi, South Sudan, the Democratic Republic of the Congo and Somalia.
According to the International Monetary Fund (IMF), the real gross domestic product (GDP) growth rate of major EAC countries reached 5.66% last year and is projected to record 5.69% this year.
"Africa has great potential not only as a supply chain for critical minerals and energy but also as a future consumer market," KITA Chairman Yoon Jin-sik said in his opening address. "East Africa, in particular, is a strategic hub connecting the Indian Ocean and the African interior, and is a cooperation partner that our companies should pay attention to."
The event featured presentations on East African culture and economic conditions, as well as business environments and market entry cases by country. Lee Jin-sang, chair professor at Korea Aerospace University, analyzed EAC economic trends and offered an outlook on revitalizing regional trade following the implementation of the single customs bond system this year. The single customs bond system allows inland transportation across the entire EAC region under a single bond, without requiring customs bond payments at each border.
Lee Dong-hyuk, team leader of the Africa Department at the Export-Import Bank of Korea, introduced Economic Development Cooperation Fund (EDCF) approval cases, including the Kenya smart city development project and the Tanzania infrastructure construction project. Kang Won-chang, assistant manager at Kerry Logistics, stressed the importance of organic connections between African inland cargo and the maritime logistics infrastructure of East African coastal countries such as Tanzania and Mozambique.
During a panel discussion, representatives from companies operating in the region — including LG Electronics (consumer goods), Sungshin RST (infrastructure) and Bomi Construction (construction) — shared practical know-how, including business cases and points to consider when entering the market based on their on-site experience.
The event drew about 100 attendees, including Chairman Yoon, Rwandan Ambassador to Korea Bakuramutsa Nkubito and Kenyan Ambassador to Korea Emmy Jerono Kipsoi, along with companies interested in entering East Africa.
