@AfDB_Group #AfDBAM2018 afdb.org/am AFRICAN DEVELOPMENT BANK GROUP ANNUAL MEETINGS BULLETIN - MAY 23, 2018
Korea to work with African Governments on smart technologies for continent’s rapid industrialization Korean and African counterparts forged a new cooperation mechanism for the future where both sides will benefit.
“We can jointly think outside the box and leapfrog the development of Africa,” he said.
Dong Yeon Kim, Deputy Prime Minister and Ministry of Strategy and Finance of the Republic of Korea, said the cooperation between Africa and Korea has continued to grow over the years.
The President of the African Development Bank, Akinwumi Adesina, stressed that Africa’s industrialization would be a win-win for the world.
“Cooperation between us and Africa is clear and sincere,” he said, commending the African Development Bank for providing clear direction for the development of the continent through its High 5 development priorities. He noted that Africa has made tremendous progress in reducing poverty and had become a growth engine. frican Governments and the Republic of Korea have pledged to work together to explore smart technologies to boost the continent’s rapid industrialization and make it a major player in the 4th Industrial Revolution.
A
IN THIS EDITION
The Korean Government has assured that it would provide support for innovative solutions, including customized drones to help African countries develop faster.
The 2018 KOAFEC Ministerial Roundtable held at the Annual Meetings of the African Development Bank in Busan, Korea, on Tuesday under the theme, “Africa and the Fourth Industrial Revolution: Opportunities for Leapfrogging?” provided a unique platform for Finance and Economic Ministers from African countries and Korea to discuss policy suggestions and the way forward for the relationship between the two regions.
Korea, an inspiration for Africa’s Green Revolution by Vice-President Jennifer Blanke p. 3 Focus: African Development Bank’s Youth Advisory Group sets path for job creation in Africa p. 6
Africa and the future of work by Kapil Kapoor p. 9 Making a difference: Increased access to affordable and reliable electricity in Kenya p. 11
Tribute to Babacar Ndiaye p. 8
Busan Bulletin printed on recycled paper - May 23, 2018
However, though Africa has vast natural and human resources, food shortage and the absence of energy has slowed down it development, Kim said, stressing innovative solutions were needed for Africa to effectively industrialize and improve the lives of its people. He was optimistic that KOAFEC would provide the platform for greater collaboration.
“It would help raise productivity by spurring technological progress and innovation while simultaneously creating higher-skilled jobs in the formal sector in advanced economies, Adesina said. “Korea is a partner of choice for the continent and for the African Development Bank. Together, I have no doubt that we will help lift the continent out of poverty, and in doing so, contribute in no small measure to global peace and prosperity.” He described Africa’s partnership with Korea through KOAFEC as a powerful example and motor for generating co-prosperity, and for building social peace among nations of the world. The Administrator of the United States Agency for International Development To be continued on p. 3
Regional cooperation, structural reforms key to economic transformation frica’s development agenda must focus on the socio-cultural and commercial interests of Africans and the upliftment of Africa’s trade and economic ecosystem, said Muhammadu Sanusi II, the Emir of Kano and a former governor of Nigeria’s central bank, during his address at the 2018 Annual Meetings of the African Development Bank Group in Busan, Korea.
The Emir shared insight about revamping African regional integration, trade and economic relations with Executive Directors and Governors of the Bank, com-
“Africa’s economic transformation will be best achieved through fast-tracking re-
To be continued on p. 3
A
1
gional cooperation and the execution of hardnosed structural reforms that focus on the development of the continent’s human capital and material resources,” said Emir Sanusi II.