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DR & AJU finds fertile business opportunities in Africa

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DR & AJU’s Africa Desk has had two recent opportunities to learn firsthand about Korean government-business tie-ups aimed at spurring outbound investment to Africa and to introduce the firm to visiting dignitaries and local executives. Africa Desk Head Tim DICKENS, a South Africa- and UK-qualified attorney, and Associate Kyeong KIM (US-qualified) attended an April 19 Korea-Africa Center-sponsored ceremony to welcome Angola’s Minister of Foreign Affairs Georges Rebel Pinto CHIKOTI. The minister was visiting Seoul to spread awareness of Angola’s abundant oil reserves and deposits of diamonds iron ore and other resources. Its construction and manufacturing sectors are growing as well. The Angolan government is encouraging foreign investment to build infrastructure and healthcare and expand the country’s economic base beyond oil. Also attending the event was Angola’s Ambassador to Korea Albino MALUNGO and representatives from Samsung SDS, Samsung Electronics, Kia Motors and OCI. DR & AJU was the only Korean law firm represented at the ceremony. 

 

On April 24, the same attorneys attended a similar Korea-Africa Center event for the Minister of Foreign Affairs from Tanzania Augustine MAHIGA, who is touring Asia. The Business Seminar on Tanzania was held at the headquarters of the Korea Chamber of Commerce and Industry near Sungnyemun. The Korean organizations co-hosted the event to highlight Tanzania’s important trade links to the Indian Ocean and eight bordering nations and its steady 7% growth rate, attributed as well to its position as one of Africa’s most stable countries, socially and politically. According to the IMF, Tanzania engaged in USD 17.9 billion in trade in 2015, nearly USD 245 million of that with South Korea. The Minister used the occasion to announce Tanzania would be opening an Embassy in Seoul soon to better facilitate diplomatic and commercial relations.

 

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