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Ranga Mataire, Zimpapers Politics Hub

President Mnangagwa is currently attending the inaugural Korea-Africa Summit, which began today (4 June) in Seoul, the capital of South Korea.

The Republic of South Korea (RoK) is an East Asian country located on the southern half of the Korean Peninsula bordering the Sea of Japan and the Yellow Sea.

It’s the first summit of its kind to be held in the RoK since the founding of the country on 15 August 1948. 

The summit offers a platform for African leaders and related international organisations to exchange ideas on how to enhance bilateral trade with the East Asian country known for such international brands as LG, Samsung, KIA, Daewoo, Ssangyong and Hyundai Motors.

Themed, “The Future We Make Together: Shared Growth, Sustainability and Solidarity,” the 2024 Korea-Africa Summit aims to elevate cooperation between Korea and Africa.

It’s designed to be a platform for discussion featuring not only a summit session for the Heads of State and international organisations but also a series of conference sessions on a wide range of topics- agriculture, ICT, forestry, health, security, tourism and energy.

President of the African Development Bank Group (ADB), Dr Akinwuni Adesina, is also attending the summit- further affirming the cooperation between the Bank and the Korean government running for more than 40 years.

The summit is coming in the wake of the 7th Korea-Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference held last year in September, a key event meant to cement Korea’s longstanding support for developing the African continent.

Rationale for the summit? 

The summit follows the launch of President Yoon Suk Yeol’s foreign policy meant to make the RoK, “The Global Pivotal State (GPS)”. The GPS policy aims to build a country capable of altering the distribution of power by maintaining stability within the international political order and expanding networks and cooperation with like-minded nations that share South Korea’s identity, values, and strategic cooperation.

Besides fostering structured bilateral cooperation, the Summit is coming on the heels of South Korea joining the UN Security Council (UNSC) as a non-permanent member of the 2024-25 term together with Japan, Switzerland, Ecuador, Guyana, Mozambique, Malta, Sierra Leone, Algeria, and Slovenia. But South Korea has more leverage over other members in that it is a new Nato partner.

South Korea intends to strengthen its economic, trade, military and global cultural influence. In his recent comments on the Korea-Africa Summit, South Korean President, Yoon, re-emphasised his new foreign policy trajectory saying; “Africa is a key partner for Korea in realising its foreign policy aspiration of becoming a Global Pivotal State (GPS).” 

The East Asian country appreciates the strategic position of Africa as home to 1,4 billion people with a Gross Domestic Product of US$3,1 trillion and vast natural resources. Currently, Africa exports three percent of Korean exports and one percent of its imports. The trade is tilted in favour of Africa. 

Africa should use its partnership with South Korea – a member of UNSC and a new Nato member, to push for the agenda of removing sanctions on Zimbabwe and South Sudan including seeking permanent solutions in eastern DRC and northernmost part of Mozambique.

While Africa is attending the Korea-Africa Summit as a collective, there are obvious country specific goals being sought by individual countries.

What’s in it for Zimbabwe?

South Korea is ranked 12th among the world’s economic giants, with a GDP of US$2 trillion.

Both Zimbabwe and South Korea have a lot to benefit from enhanced bilateral relations. 

First, as a UNSC non-permanent member and also a new Nato member, South Korea has a lot of international influence that Zimbabwe can hedge on to advance its engagement and re-engagement foreign policy.

Second, Zimbabwe needs to increase its trade with the East Asian country by diversifying its export products. At the moment, Zimbabwe’s biggest export to South Korea is raw tobacco.

According to the Observatory of Economic Complexity (OEC), an online data visualisation and distribution platform focused on the geography and dynamics of economic activities, in March 2024, South Korea exported US$1,45 million and imported US$2,25 million from Zimbabwe, resulting in a negative trade balance of US$798 000.

Between March 2023 and March 2024, the exports to South Korea have decreased by US$-48 000 (-3,2 percent) from US$1,5 million, white imports decreased by US$-916  000 (-28,9 percent from US$3,17 million to US$2,25 million.)

In March 2024, the top exports of South Korea to Zimbabwe were pharmaceutical products accounting for US$626 000, inorganic chemicals (US$229   000), electrical machinery and electronics (US$223 000), plastics and articles thereof (US$117 000), and cars, tractors, trucks and parts accounted for $99 000.

Under the same period, South Korea’s top imports from Zimbabwe were tobacco and substitutes accounting for US$1,05 million and live trees, plants, bulbs, cut flows were imported, which were worth US$7 000. Electrical machinery and electronics imports from Zimbabwe accounted for just US$3 000.

The decrease in growth in March 2024 in South Korea’s year-by-year exports to Zimbabwe was explained primarily by a decrease in product exports of machinery, mechanical appliances and parts (US$-111 000) or US-$94,1 percent. The decrease in South Korea’s year-by-year imports from Zimbabwe was explained mostly by a decrease in product imports. 

Although the level of trade and investments between the two countries is low, there is abundant goodwill from both sides to build on the existing cordial relations. The presence for the first time by South Korea at this year’s Zimbabwe International Trade Fair (ZITF) showed very serious intent to improve the economic ties between the two countries.

The seriousness is also shown by the invitation extended to President Mnangagwa to attend the 2024 Korea-Africa Summit in Seoul. And even before the start of the summit yesterday, Zimbabwe’s Foreign Affairs Minister, Dr Frederick Shava, managed to strike a deal with his South Korean counterpart, Mr Cho Tae-Yul on air services, which is meant to play a critical role in shaping international aviation policy and fostering co-operation between the two countries.