Kenyan law firm G&A LLP signs partnership deal with Seoul’s Jipyong LLC ahead of Korea-Africa Summit
Treasury Cabinet Secretary Njuguna Ndung'u with South Korean Ambassador to Kenya Yeo Sung-Jun during the signing of a Sh980.5 million grant on February 5, 2024 in Nairobi.
What you need to know:
- The Korean African Summit is set to take place between June 4 and June 5 in Seoul, South Korea.
- Fifty-four African countries including Kenya are expected to take part in the summit.
- The partnership between G&A LLP and Jipyong LLC will support Korean investors interested in entering the African market.
As preparations for the upcoming Korea-Africa Summit gain momentum, Kenyan law firm G&A Advocates LLP has signed a partnership agreement with South Korean law firm Jipyong.
The Korean African Summit is set to take place between June 4 and June 5 in Seoul, South Korea under the theme: “The Future We Make Together, Shared Growth, Sustainability and Solidarity.”
Fifty-four African countries including Kenya are expected to take part in the summit which is expected to further strengthen ties between Korea and African nations, fostering cooperation in various fields including trade, investment and development.
The summit will offer Korean investors the opportunity to explore market entry strategies into Africa and enhance their understanding of cooperation measures, particularly in light of the full implementation of the African Continental Free Trade Agreement (AfCFTA) in 2021. AfCFTA encompasses 54 of the 55 African Union countries, representing 1.3 billion people and a collective GDP of $3.4 trillion.
This partnership between G&A LLP and Jipyong LLC will therefore effectively support Korean investors interested in entering the African market.
Additionally, the partnership will provide support for African companies seeking to do business in South Korea and in the larger Asian continent where Jipyong LLC has operations in seven countries.
“Through this MOU with G&A, Jipyong will utilize its expertise and network in Kenya's legal and regulatory environment. Also, we will provide concrete and practical legal service to Korean companies to successfully enter the African market and establishing strategies on it," said a statement by Jipyong on the partnership.
Both firms have agreed to offer support to Korean investors intending to invest in Kenya on key sectors that will enable her development’s agenda including Agriculture, ICT, Health, Energy, Infrastructure, Education, Affordable Housing and Urban Transport.
Additionally, the two firms will provide legal advisory services for investors from the African continent and Asia on a broad array of issues including public private partnerships, business establishment, legal and regulatory compliance and dispute resolution.
“This collaboration will provide a platform for both Firms to offer unique value to their clients in Korea, Kenya and the African region and support Kenya and Korea’s mutual desire to unlock trade and investment opportunities between the two countries” stated Mr Eric Gumbo, the Managing Partner, of G&A.
In February, the Korean Ministry of Foreign Affairs convened a consultation with the diplomatic missions of African countries which saw Chung Byung-won, deputy foreign minister, presiding over the consultation, and had the participation of 47 personnel from African diplomatic missions in Korea.
The meeting provided updates on the progress of preparations, particularly regarding publicity and protocol arrangements for the summit.
The diplomatic missions of African countries in Korea commended Korea's communication efforts and stressed the importance of making the summit outcome-driven and mutually beneficial through close collaboration.
Kenya and South Korea have enjoyed strong bi-lateral ties over years, especially on trade. According to the Kenya Economic Survey 2023, the value of imports from South Korea increased from Sh22.3 billion in 2021 to Sh50.2 billion in 2022, mainly due to increased imports of kerosene type jet fuel. Exports equally increased to Sh6.1 billion, from Sh3.9 billion.
Kenya’s main exports to Korea include coffee, titanium ore, scrap copper among others. Korea’s maim exports to Kenya include iron and steel, organic chemicals, machinery, nuclear reactors, boilers, manmade staple fibers, among others.
Last year, the two countries pledged to continue to nurture and expand ties aimed at contributing to the socio-economic development through the creation of a free trade agreement.
South Korea agreed to support Kenya’s development agenda by committing Sh120 billion to various projects including agriculture, ICT, health, energy, infrastructure, education, affordable housing and urban transport.
