South Korea wishes to share its experience of economic development with African countries amid the growing significance of the continent in the global economy, the first vice finance minister said Thursday.
First Vice Finance Minister Kim Byoung-hwan made the remark during a business forum held during the seventh Korea-Africa Economic Cooperation Ministerial Conference that will run through Friday in the southeastern port city of Busan.
“When Africa’s rich resources and young population combine with the private sector’s creativity and vitality to generate investment, it will have more potential for industrial growth and business creation than any other continent,” Kim said.
Kim said South Korea will share its experience of gaining economic development from being one of the poorest nations in the 1950s, highlighting the importance of the growth led by the private sector.
“Considering Africa’s rich energy and resources, along with the opportunities it can bring during the transition toward the low-carbon era, expanding trade and exchanges will create more business opportunities and jobs,” Kim said.
Kim also noted that South Korea is currently seeking to clinch economic partnership agreements with Kenya, Tanzania and Morocco, expressing hope over bolstering trade ties with African nations.
The first vice minister added South Korea’s K-rice belt project, which is implemented under cooperation with eight African nations, is an example of a partnership between the two sides.
As part of Seoul’s official development assistance, the project calls for supplying high-yield rice varieties and agricultural machines, helping Africa build irrigation and other facilities, and sharing experiences and technologies regarding crop cultivation and distribution.
On the previous day, South Korea unveiled its plan to offer a US$6 billion financial package to Africa, which will include $1.5 billion worth of low-interest loans from the Economic Development Cooperation Fund, as well as $4.3 billion worth of export finance from the Export-Import Bank of Korea.
“We plan to work closely with the African Development Bank and African countries to actively find prominent businesses so that the package can be linked to Africa’s private sector as well,” Kim added.
Source: Yonhap News Agency