![[Africa Forum] AGA dean highlights significance of Korea-Africa relations in era of disruption](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F05%2F22%2Fnews-p.v1.20250522.0744fd8a8be04402a87c47a67a05bacd_T1.jpg&w=3840&q=100)
[Africa Forum] AGA dean highlights significance of Korea-Africa relations in era of disruption
Dean of African Group of Ambassadors says time has come to unlock the full potential of Africa-Korea partnership
The Korea-Africa partnership is about more than an opportunity to explore shared dreams in a changing global environment, according to Moroccan Ambassador Chafik Rachadi, who serves as the dean of the African Group of Ambassadors.
'The Africa and Korea partnership of the 21st century speaks the language of collaboration, equity and long-term resilience. In this era of global disruption, fostering these robust and inclusive partnerships goes beyond economic and political cooperation,' said Rachadi in his opening remarks at the Africa Day 2025 Korea-Africa Business Forum on Wednesday.
The forum at Grand Hyatt Seoul was co-hosted by Herald Media Group, the African Group of Ambassadors and the Korea-Africa Foundation.
Though the cooperation between the two has yet to reach its full potential, the Moroccan ambassador believes that the next decade presents a chance to accomplish a dynamic framework grounded in mutual interest and strategic collaboration.
'Korea's leadership in innovation, digital technology, clean energy and smart infrastructure can meet Africa's growing demand for transformation and inclusive growth. At the same time, Africa's youthful demographics, natural resources and expanding markets represent unparalleled opportunities,' Rachadi said.
'The time has come to unlock the full potential of the Africa-Korea partnership,' he added.
While explaining how the African continent has immeasurable potential, as well as geopolitical and economic significance across the globe, the AGA dean underlined the partnership with Korea as a sign of trust, mutual respect and a shared vision for an inclusive future.
'Let us seize this moment to chart a more ambitious course, grounded in mutual benefit, shared prosperity and a deep commitment to Africa's transformative potential,' he said.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Korea Herald
3 days ago
- Korea Herald
Global banks eye Kospi 3,200 breakout
Reform drive, investor enthusiasm fuel upside potential Major foreign investment banks are turning increasingly bullish on Korea's equity market, with projections suggesting the benchmark Kospi could climb over 3,200 points within the next 12 months, driven by government-led reforms aimed at improving corporate governance and bolstering shareholder protections. Citigroup raised its 2025 Kospi target to 3,300, up from a previous projection of 2,900, citing President Lee Jae Myung's push to overhaul the chaebol-dominated corporate governance system long blamed for the so-called 'Korea discount.' The Kospi has gained on nine out of the past 10 trading days this month, delivering a return of 9.36 percent. The main board climbed nearly 30 percent from its low in April. The bank pointed to planned revisions to the Commercial Act, led by the ruling Democratic Party of Korea, as a potential catalyst for further gains in Korean equities. 'We believe the proposed revisions, if implemented, should pave the way for greater transparency in Korean corporate governance and support stronger shareholder return policies,' Citi said in a report released Wednesday. The planned legislative changes would require conglomerates with assets exceeding 2 trillion won to adopt cumulative voting. The mechanism allows shareholders to cast all their votes for a single board candidate, enhancing the fairness of board elections and curbing concentrated control by large stakeholders. JP Morgan also revised its 12-month Kospi target to 3,200 points and upgraded Korea to overweight. The bank cited the country's improving political stability and the potential for structural reforms to unlock long-suppressed value. Foreign ownership of Korean equities remains around 30 percent, near levels last seen during the global financial crisis, according to JP Morgan. The firm sees corporate governance legislation and progress in US-Korea trade negotiations as potential triggers for a re-rating of Korean assets. Sectors poised to benefit from the reform agenda include memory chip, finance, defense, holding companies, chemicals and consumer goods, according to the bank. The broader mood in the market is also being shaped by a resurgence in foreign investor inflows. Korean exchanges reported net foreign purchases exceeding 2 trillion won ($ 1.46 billion) in May, reflecting renewed confidence following the restoration of political stability. Foreign investors poured about 1 trillion won into the market on each of three consecutive trading days in early June, coinciding with the Kospi's brief rally past 2,900 after the new government took office. Onshore, investor sentiment remains strong. Domestic cash holdings reached a record high of around 62 trillion won as of June 2025, offering further support for inflows into equities. Some analysts, however, caution that the recent rally's rapid pace could prompt near-term corrections amid geopolitical tensions and trade-related uncertainties. Korean brokerages have also started to revise their Kospi forecasts higher. Some now see the index surpassing 3,000 points in the second half of 2025 and into early 2026, reflecting growing confidence in the government's ability to reduce policy risk and advance shareholder-friendly initiatives. KB Securities now sees the Kospi reaching 3,240 within the next 12 months. The brokerage points to sustained re-rating momentum, with key sectors such as finance, nuclear energy, defense and holding companies driving gains. 'While short-term volatility remains a risk, the structural narrowing of Korea's valuation gap suggests room for further upside in leading names,' said Kim Dong-won of KB Securities.


Korea Herald
3 days ago
- Korea Herald
Apple joins Google in push to export Korea's high-precision map data
Experts caution that granting US access may open door to similar demands from China under its data-sharing laws The debate over the overseas transfer of South Korea's high-precision map data, a sensitive issue that had been largely dormant since the launch of President Lee Jae Myung's administration, has reignited. The government is moving to develop countermeasures as global tech giants intensify their efforts to gain access to the data. Apple recently sought legal advice from a Korean law firm regarding its application to export 1:5,000 scale map data. The move follows the company's earlier attempt in 2023, which was aimed at enhancing services such as its Find My device tracking feature, Apple Pay's local operations and the in-car navigation system integrated into Apple CarPlay, according to industry sources on Thursday. Apple's previous request was rejected by the Korean government due to national security concerns. Industry watchers believe the US tech giant will quickly reapply should the government approve Google's pending application to export similar map data. The review of Google's request is ongoing. The government, which deferred its decision last month, must deliver a verdict by Aug. 11. As the Lee administration seeks to ease trade tensions with Washington, attention is focused on how it will respond to Google's bid. For now, progress on the matter has stalled. The Ministry of Land, Infrastructure and Transport is required to convene a consultative body involving related ministries -- including those handling trade, security, ICT, industry and foreign affairs -- to deliberate on the issue. Potential candidates for the post of land minister, including Democratic Party lawmakers Maeng Sung-kyu and Moon Jin-seok, both known for their cautious stance on data exports, further signal the possibility of another rejection. The map data dispute remains a key irritant in Korea-US trade relations. The US Trade Representative has consistently cited Korea's restrictions on map data exports as a trade barrier and recently urged Seoul to address this and other non-tariff issues. Meanwhile, the Computer & Communications Industry Association, representing the American ICT sector, has joined the pressure campaign, demanding the export restrictions be lifted. In response, the National Geographic Information Institute, under the Land Ministry, issued a tender earlier this month for an urgent study on export policy for spatial information assets. The study is expected to propose phased export strategies beyond 2027 and address issues such as digital service taxes and the extraterritorial application of domestic laws. 'It is about objectively assessing the national interest. If we find blind spots or weaknesses, we plan to establish countermeasures,' a Land Ministry official said. Scholars and experts continue to urge caution, citing the potential national security risks of exporting high-precision maps capable of revealing sensitive facilities. While local firms such as Naver and Kakao provide maps with blurred, camouflaged or low-resolution images of secure sites, Google has so far agreed only to apply blurring. Apple, in contrast, reportedly indicated its willingness to comply with all government conditions, including camouflage and resolution adjustments, while also operating its servers within Korea. Experts warn that approving the US firms' requests could open the floodgates for applications from companies in China and elsewhere, making it difficult for Korea to deny future requests. There are particular concerns about China's data security law, which could require any exported map data to be shared with the Chinese government. Given the stakes, experts argue that unless security risks can be fully mitigated, the government should deny the export requests. Some suggest a different path: commercializing domestic map data to generate revenue. 'Demands for access to our high-precision map data will only intensify,' said Choi Jin-mu, a geography professor at Kyung Hee University. 'If we can no longer protect it, we should monetize it and reshape the ecosystem.'


Korea Herald
3 days ago
- Korea Herald
Lee, Starmer call for Korea-UK FTA upgrade
KANANASKIS, Canada -- President Lee Jae Myung and his UK counterpart Keir Starmer recognized a need to upgrade the bilateral free trade agreement Lee told UK Prime Minister Starmer that he believed the ongoing negotiation over the Korea-UK FTA "should make some progress," in response to Starmer's remarks that the modernization of the Korea-UK FTA is a matter associated with stronger bilateral ties. The two countries' free trade pact has been in effect since 2021 after the UK's departure from the European Union, which was already a free trade partner of South Korea. Talks to renegotiate the bilateral trade pact has been ongoing since 2023, with the latest fourth round of negotiations having taken place in March. The meeting was held on the margins of the Group of Seven summit at the Kananaskis village in Alberta Canada.