G&A Advocates, Jipyong LLC sign MoU for Korean-African summit

 Kenyan law firm G&A Advocates LLP has signed a partnership agreement with South Korean law firm Jipyong that is aimed at strengthening legal services and networks for African companies ahead of the Korea-African Summit.

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 take part in the summit.

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 patnership.

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 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.

G&A has built a strong reputation in Africa  delivering on transformational projects like the recent Eurobond that had an immediate positive impact on 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 with 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 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

In February 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.