Building a Korean-Portuguese business partnership for sub-saharan Africa : opportunities and challenges in Mozambique

Abstract

Africa continues to show high economic growth and market potential in terms of access to natural resources and new consumers, Korea needs to start thinking about strengthening its engagement with Africa. Unlike Korea, Portugal has been a strong trade partner of Africa, particularly through its investments in two of the fastest growing economies in the continent, Angola and Mozambique. Historical, political, economic, educational, and cultural ties as well as language have played a crucial role in nurturing trade relations. The current economic and financial crisis in the European Union is pushing Portuguese companies to strengthen their presence in booming Portuguese- speaking African countries. Due to Korea's weak links with the continent, this paper will attempt to critically analyse the opportunities and challenges for Korean businesses in building partnerships with Portuguese companies to enhance their entry into fast-growing African markets. The paper will focus on Mozambique as a case study.