Economic relations between Africa and South Korea are booming, as evidenced by recent economic forums held in Paris and Busan. As South Korea seeks to strengthen its ties with the African continent, Marie-Laure Akin Olugbade, vice-president of the African Development Bank (AfDB), sheds light on Seoul’s ambitions and the expectations of African countries.
South Korea sees Africa as a leading economic partner, particularly with regard to the import of raw materials. The African continent is rich in valuable natural resources such as oil, gas, minerals and agricultural products, which are of great interest to South Korea. Thus, the country has developed strategic partnerships with certain African countries in order to secure the supply of raw materials essential to its industry.
But South Korea’s interest is not limited to raw materials. The country is also ready to invest massively in infrastructure in Africa. This translates into large-scale projects such as the construction of roads, ports, power plants and telecommunications networks. These investments allow South Korea to develop new sources of economic growth while offering African countries a significant improvement in their infrastructure.
For African countries, strengthening economic relations with South Korea offers many opportunities. In addition to the obvious economic benefits, these partnerships also help stimulate cultural exchanges and promote the transfer of knowledge and technologies. South Korea is renowned for its expertise in areas such as electronics, automobiles, information and communications technology, and can therefore provide significant added value to African countries.
However, it is essential that these economic partnerships develop in a balanced and mutually beneficial manner. African countries must ensure that their natural resources are not abused and that they get a fair return on their investments. For their part, Korean companies must respect the environmental and social standards in force on the African continent, in order to promote sustainable and equitable development.
In conclusion, economic relations between Africa and South Korea are expanding, providing opportunities for development and growth for both parties. Investments in raw materials and infrastructure demonstrate South Korea’s interest in the African continent, while African countries benefit from Korean knowledge and technology. It is now crucial to ensure that these partnerships develop in a balanced and respectful manner, in order to guarantee sustainable and beneficial economic development for all.