African Governments and the Republic of Korea have pledged to work together to explore smart technologies to boost the continent’s rapid industrialization and make it a major player in the 4th Industrial Revolution.
The Korean Government has assured that it would provide support for innovative solutions, including customized drones to help African countries develop faster.
The 2018 KOAFEC Ministerial Roundtable held at the Annual Meetings of the African Development Bank in Busan, Korea, on Tuesday under the theme, “Africa and the Fourth Industrial Revolution: Opportunities for Leapfrogging?” provided a unique platform for Finance and Economic Ministers from African countries and Korea to discuss policy suggestions and the way forward for the relationship between the two regions.
Korean and African counterparts forged a new cooperation mechanism for the future where both sides will benefit.
Dong Yeon Kim, Deputy Prime Minister and Ministry of Strategy and Finance of the Republic of Korea, said the cooperation between Africa and Korea has continued to grow over the years.
“Cooperation between us and Africa is clear and sincere,” he said, commending the African Development Bank for providing clear direction for the development of the continent through its High 5 development priorities.
He noted that Africa has made tremendous progress in reducing poverty and had become a growth engine.
However, though Africa has vast natural and human resources, food shortage and the absence of energy has slowed down it development, Kim said, stressing innovative solutions were needed for Africa to effectively industrialize and improve the lives of its people.
He was optimistic that KOAFEC would provide the platform for greater collaboration.
“We can jointly think outside the box and leapfrog the development of Africa,” he said.
The President of the African Development Bank, Akinwumi Adesina, stressed that Africa’s industrialization would be a win-win for the world.
“It would help raise productivity by spurring technological progress and innovation while simultaneously creating higher-skilled jobs in the formal sector in advanced economies,” Adesina said.
“Korea is a partner of choice for the continent and for the African Development Bank. Together, I have no doubt that we will help lift the continent out of poverty, and in doing so, contribute in no small measure to global peace and prosperity.”
He described Africa’s partnership with Korea through KOAFEC as a powerful example and motor for generating co-prosperity, and for building social peace among nations of the world.
The Administrator of the United States Agency for International Development (USAID), Mark Green, pledged support for the collaboration between Africa and Korea.
“All of the countries here today can chart that same course. And the United States will navigate it with you,” he said.
He stressed that the U.S. and the Government of Korea were on the verge of signing an agreement to put substantial money towards further investment in Africa.
He described the continent as a place of incredible resources, stressing that USAID is proud to have worked with the African Development Bank on its development priorities.
“The African Development Bank – under the visionary leadership of President Adesina – plays a leading role in the continent’s development through its High 5s for development. The United States looks forward to working more closely with African countries, the African Development Bank, and the Government of Korea,” he said.
