- The partnership will enable Kenya and South Korea to strengthen legal services and networks for African companies.
- G&A has built a strong reputation in Africa, delivering on transformational projects like the recent Eurobond
- In February last year, the two countries pledged to continue to nurture and expand ties
A law firm in Nairobi is championing a plan to see Kenya and South Korea strengthen legal services for companies in Africa. Kenya’s G&A Advocates LLP has signed a partnership agreement with South Korea-based law firm Jipyong ahead of the Korea-African Summit. The partnership will enable Kenya and South Korea to strengthen legal services and networks for African companies.
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.”
The summit, which will be the first-ever, aims to strengthen the partnership between Korea and African Countries in various areas, including trade, investment, infrastructure, and development. Fifty-four African countries, including Kenya, are expected to participate in the summit.
The summit will allow Korean investors 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 55 African Union countries, representing 1.3 billion people and a collective GDP of $3.4 trillion.
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This partnership between G&A LLP and Jipyong LLC will effectively support Korean investors interested in entering the African market. Additionally, the partnership will support African companies seeking to do business in South Korea and 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 services to Korean companies to successfully enter the African market and establish strategies for it,” said Jipyong’s statement on the partnership.
Cheol Jeong, Seung-min Lee, and Brian Oh, partners of Jipyonh and Eric Gumbo, Ken Melly, Moses Kipkogei, and Sylvia Kithinji, partners at G&A, attended the virtual signing of the MOU.
Both firms have agreed to support Korean investors intending to invest in Kenya in key sectors enabling her development agenda, including Agriculture, ICT, Health, Energy, Infrastructure, Education, Affordable Housing, and Urban Transport.
Kenya and South Korea to Strengthen Legal Services
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.
G&A has built a strong reputation in Africa, delivering on transformational projects like the recent Eurobond, which immediately positively impacted Kenya’s currency stability, large transport infrastructure projects, and several green energy projects across the continent.
Jipyong LLC, founded in 2000, is a first-class Korean firm with over 300 professionals and offices in South Korea, Indonesia, China, Cambodia, Myanmar, Laos, and Vietnam.
Jipyong provides top-rated services in all major areas of law, including litigation, corporate law, M&A, cross-border transactions, offshore investment, finance, securities, private equity, construction, real estate, antitrust & competition, labor & employment, bankruptcy, intellectual property, white collar crime, tax, constitutional law, public affairs, insurance, maritime law, international arbitration, and family law.
Kenya and South Korea have enjoyed strong bilateral ties, especially in 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, and scrap copper. Korea’s main exports to Kenya include iron and steel, organic chemicals, machinery, nuclear reactors, boilers, and manmade staple fibers.
In February last year, the two countries pledged to continue nurturing and expanding ties to contribute to socio-economic development by creating a free trade agreement.
South Korea agreed to support Kenya’s development agenda by committing KES120 billion to various projects, including agriculture, ICT, health, energy, infrastructure, education, affordable housing, and urban transport.
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