In partnership with the African Development Bank, the Republic of South Korea is ready to step up technology transfers to Africa, officials in Seoul have stated.
Speaking at a meeting on potential technology partnerships between Korea and Africa, representatives of Busan Metropolitan City, Busan Techno Park, and Korea’s Green Technology Center said there was huge potential for cooperation and immense opportunities for job-creating bankable projects.
The range of business options include agriculture, green growth, smart urban transportation management, and numerous business opportunities.
President of the African Development Bank, Dr. Akinwumi Adesina: “the Future is going to be an exponentially different future,” and that the Bank intends to “explore the creation of a strategic partnership with Korea that could lead to the creation of a Korea-Africa research and training Drone Center, that could help pave the way for Africa’s 4th Industrial Revolution.”
According to Hyung-Ju Kim, Director, Global Strategy Division, Green Technology Center, "Korean expertise can provide a practical and pragmatic solution to a wide range of Africa's most pressing technology needs. The African Development Bank could play a major role here: if we bring technology to the table, the Bank can identify and facilitate bankable projects that can boost technology cooperation between Africa and Korea."
Korea and the African Development Bank intend to extend the program to other countries and regions in Tunisia and Africa, and explore the massive market potential of industrial zones in other sectors.
Speaking afterwards to the African diplomatic corps in Seoul, Adesina identified three main obstacles to private sector development - access to finance, energy and stability. The Bank has invested $1 billion in AfreximBank, including $ 650 million in trade finance lines of credit and $ 350 million in trade insurance. The Bank has also invested $ 630 million in First Rand Bank and AbSA in South Africa to support expanded access to trade finance for 20 countries.
General capital increase necessary
Experts say in order for the African Development Bank to continue supporting the continent’s development, a general capital increase is necessary. According to Adesina, an $11 billion increase in paid-in capital for example would significantly change the lives of millions of people, including 105 million who would have access to electricity; 137 million who would benefit from access to improved agricultural technologies; 22 million who would benefit from investments in private sector projects; 151 million with access to improved transportation services; and 110 million who would be provided with access to improved water and sanitation services.
For more information:
African Development Bank