South Korea’s rapid development is an inspiration to Africa, says African Development Bank President

(AFDB) The rapid economic development in Korea is an inspiration and a model to African economies, said African Development Bank President, Akinwumi Adesina.

He made the remarks while speaking at the welcome reception of the 53rd Annual Meetings of the African Development Bank (link is external), which opened Monday in Busan, Korea.

“African countries should learn from Korea’s rapid

economic growth most especially in the areas of industrialization and manufacturing. I thank the Korean Government for supporting Africa’s development,” said Adesina.

He noted that Africa’s relationship with Korea is based on a model of cooperation, adding that Korea’s economic prospects were more challenging than those of most African countries.

The event was attended by business leaders, government officials and the media among others from Africa, Korea and beyond.

Speaking at the ceremony, Young-Ju Kim, Chairman of the Korea International Trade Association (KITA), said that as the global economy continues to recover, many countries around the world are paying close attention to the vast potential of Africa. 

“If we could combine Korea’s know-how with Africa’s immense growth potential, we could become important partners in creating win-win outcomes for future prosperity,” he added.

Kim said: “I hope the 2018 Annual Meetings will serve as an opportunity for African and Korean business leaders to build deeper trust and mutual understanding.”

He emphasized that Korea will always be a reliable friend to countries across Africa and a true companion in Africa’s journey towards greater economic development and industrialization.

At the reception, guests were treated to a wide range of Korean cuisine and a thrilling performance from Korean jazz band.

Korea hosts the Bank’s 2018 Annual Meetings from May 21-25, 2018, under the theme: “Accelerating Africa’s Industrialization.”