Increasing the economic momentum of Africa-Korea partnerships to advance Africa’s agro-industrialization

African Development Bank Group President Akinwumi Adesina has called for increased economic momentum in Africa through partnerships with Korea to advance trade and the industrialization of Africa’s agricultural sector.

“Africa’s partnership with Korea should be more concrete and more structured. We should connect financial instruments and technologies from Korea with the numerous initiatives on the continent,” Adesina said at a meeting with government and business leaders, diplomats, development experts, and Korea’s leading agricultural scientists in Seoul last week.

Africa’s population and arable land endowments provide ample trade and technology partnership opportunities for Korea and the rest of Asia. Adesina reminded his audience that by 2050 Africa will have 2.5 billion people in a global population of 9.8 billion.

“Korea is eager to share its development experience with Africa. We can work together to develop new rice varieties in Africa. Korea continues to support the Middle East and Africa region with agriculture aid and investment programmes but more cooperation in agriculture R&D is also feasible”, said Chung Il Chung, director of the International Cooperation Bureau of Korea’s Ministry of Agriculture, Food and Rural Affairs.

The Bank President concluded his remarks by saying: “Agriculture is not a way of life, it is a business, a straight-line business. It’s not just about how much you produce, it’s about the value you add, and how you compete in agriculture, that unlocks the real wealth.”

Original source: AfDB
Published on 13 February 2019