ID :
26830
Mon, 10/27/2008 - 10:33
Auther :
Shortlink :
https://www.oananews.org//node/26830
The shortlink copeid
S. Korea in unique position to help African development: AfDB head
By Koh Byung-joon
SEOUL, Oct. 27 (Yonhap) -- South Korea's experience in economic development is an "inspiration" to African countries, as businesses of both sides have the potential to help each other in a "mutually beneficial way," the head of the African Development Bank (AfDB) said Monday.
"Africa and South Korea share a common history of poverty and colonialism.
However, Korea has made tremendous progress in economic development and today
stands as the 13th largest economy in the world," said AfDB chief Donald Kaberuka
said in an e-mail interview with Yonhap News Agency ahead of an economic
conference in Seoul.
"South Korea's experiences place it in a unique position compared to the rest of
the Asian countries to inspire Africa through practical experiences that can be
adapted to the latter's needs and conditions," he added.
Kaberuka is in Seoul for the second Korea-Africa Economic Cooperation Conference
(KOAFEC), which opened on Monday for a four-day run. Jointly established by the
Korean government and the AfDB in 2006, the meeting has become a key channel for
both sides to share knowledge related to economic development.
Under the theme of "Fostering Synergies between Korea and Africa," participants
in this year's conference, including finance and energy ministers from about 20
African nations, are scheduled to adopt a joint declaration, called the "2008
KOAFEC Seoul Initiative," in which they will outline "the vision and direction of
economic cooperation" between the two sides.
They will also adopt an action plan that will pinpoint potential areas of
cooperation in the fields of infrastructure, natural resources development,
agricultural and rural development and green growth partnership, Kaberuka said.
He said Africa and South Korea have done a lot to expand cooperation in some
areas but there is more yet to be done, especially in the fields of
infrastructure, information and communications technology, petrochemical industry
and agriculture, among other areas.
South Korea is especially in a "right" position to help African countries enhance
their ports and other infrastructure at a time when high transport costs weigh on
international trade, which has been their key growth engine, he added.
"Of special note is the need for Africa to improve its competitiveness by
reducing transport costs," Kaberuka said. "These costs are high, representing
about 10 percent of tradable commodity values, while in developed countries the
corresponding figure is 3 percent."
"There are many ports all over Africa which suffer from inadequate investments
hence their inefficiency. Partnerships between South Korean shipbuilders and
African fleet owners and port operators could present an opportunity for the
modernization of shipping and port facilities," he added.
The AfDB chief cited South Korea's world-leading shipbuilding industry, which he
said can provide a win-win opportunity for both sides.
Kaberuka said Africa, often regarded as a poverty-stricken continent, is fast
emerging as a major economic bloc in the world thanks to its abundant natural
resources amid rising oil and commodity prices.
Foreign direct investment in the continent rose from US$20 billion in 2000 to $53
billion 2007, with inflation being kept at single-digit levels, he said, adding
that many African countries have record foreign exchange reserves and their
fiscal positions are much better than in the 1990s.
Despite the fast-growing economy in Africa, Kaberuka acknowledged that there
still are risks African countries themselves should address to bring in more
investment from foreign countries.
Besides poor infrastructure, extreme poverty, low education rates and epidemic
diseases are among those risks that weigh on their labor productivity, he said.
He also acknowledged that political instability is another concern.
"Despite such risks, there is optimism about the future prosperity of Africa.
First, governance has improved throughout the continent. Countries in Africa now
recognize clearly the challenges they face and are making continuous efforts to
address them," Kaberuka said.
The AfDA chief expressed hope that strong bilateral cooperative ties to be forged
through this week's conference will help encourage Korean companies to make new
investments in Africa.
"It is our wish to maintain dialogue between Africa and Korea which will enable
us to explore mutually beneficial opportunities for the development of Korea and
Africa," he said.
kokobj@yna.co.kr
(END)
SEOUL, Oct. 27 (Yonhap) -- South Korea's experience in economic development is an "inspiration" to African countries, as businesses of both sides have the potential to help each other in a "mutually beneficial way," the head of the African Development Bank (AfDB) said Monday.
"Africa and South Korea share a common history of poverty and colonialism.
However, Korea has made tremendous progress in economic development and today
stands as the 13th largest economy in the world," said AfDB chief Donald Kaberuka
said in an e-mail interview with Yonhap News Agency ahead of an economic
conference in Seoul.
"South Korea's experiences place it in a unique position compared to the rest of
the Asian countries to inspire Africa through practical experiences that can be
adapted to the latter's needs and conditions," he added.
Kaberuka is in Seoul for the second Korea-Africa Economic Cooperation Conference
(KOAFEC), which opened on Monday for a four-day run. Jointly established by the
Korean government and the AfDB in 2006, the meeting has become a key channel for
both sides to share knowledge related to economic development.
Under the theme of "Fostering Synergies between Korea and Africa," participants
in this year's conference, including finance and energy ministers from about 20
African nations, are scheduled to adopt a joint declaration, called the "2008
KOAFEC Seoul Initiative," in which they will outline "the vision and direction of
economic cooperation" between the two sides.
They will also adopt an action plan that will pinpoint potential areas of
cooperation in the fields of infrastructure, natural resources development,
agricultural and rural development and green growth partnership, Kaberuka said.
He said Africa and South Korea have done a lot to expand cooperation in some
areas but there is more yet to be done, especially in the fields of
infrastructure, information and communications technology, petrochemical industry
and agriculture, among other areas.
South Korea is especially in a "right" position to help African countries enhance
their ports and other infrastructure at a time when high transport costs weigh on
international trade, which has been their key growth engine, he added.
"Of special note is the need for Africa to improve its competitiveness by
reducing transport costs," Kaberuka said. "These costs are high, representing
about 10 percent of tradable commodity values, while in developed countries the
corresponding figure is 3 percent."
"There are many ports all over Africa which suffer from inadequate investments
hence their inefficiency. Partnerships between South Korean shipbuilders and
African fleet owners and port operators could present an opportunity for the
modernization of shipping and port facilities," he added.
The AfDB chief cited South Korea's world-leading shipbuilding industry, which he
said can provide a win-win opportunity for both sides.
Kaberuka said Africa, often regarded as a poverty-stricken continent, is fast
emerging as a major economic bloc in the world thanks to its abundant natural
resources amid rising oil and commodity prices.
Foreign direct investment in the continent rose from US$20 billion in 2000 to $53
billion 2007, with inflation being kept at single-digit levels, he said, adding
that many African countries have record foreign exchange reserves and their
fiscal positions are much better than in the 1990s.
Despite the fast-growing economy in Africa, Kaberuka acknowledged that there
still are risks African countries themselves should address to bring in more
investment from foreign countries.
Besides poor infrastructure, extreme poverty, low education rates and epidemic
diseases are among those risks that weigh on their labor productivity, he said.
He also acknowledged that political instability is another concern.
"Despite such risks, there is optimism about the future prosperity of Africa.
First, governance has improved throughout the continent. Countries in Africa now
recognize clearly the challenges they face and are making continuous efforts to
address them," Kaberuka said.
The AfDA chief expressed hope that strong bilateral cooperative ties to be forged
through this week's conference will help encourage Korean companies to make new
investments in Africa.
"It is our wish to maintain dialogue between Africa and Korea which will enable
us to explore mutually beneficial opportunities for the development of Korea and
Africa," he said.
kokobj@yna.co.kr
(END)
