An agreement between South Africa and Korean business has been signed by Business Unity South Africa (Busa) president Patrice Motsepe and the chairperson of Korea International Trade Association (KITA) Hee-Beom Lee at the first meeting of South Africa and Korea Economic Cooperation Committee in Johannesburg.
Korea is South Africa's fourth largest trading partner in Asia and South Africa is Korea's largest trading partner in Africa. South Africa’s imports from South Korea increased from $998 million in 2004 to approximately $1.4 billion in 2005, while exports to South Korea amounted to $836 million compared with $697 million in 2004.
KITA director Wang-Kyu Lee said that the partnership was an important step in building a sustainable and productive partnership between the two countries.
South Africa is a large supplier of bulk raw materials and semi-processed minerals and metals to Korea and other South African products showing strong export growth to South Korea in recent years have been chemicals, leather and machinery. Korean products such as automotives, fabrics, apparel and plastics are increasingly making inroads in the South African market.
