Busan bulletin 24 05 2018 English Issue 04

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@AfDB_Group #AfDBAM2018 afdb.org/am AFRICAN DEVELOPMENT BANK GROUP ANNUAL MEETINGS BULLETIN - MAY 24, 2018

New technologies can provide leapfrogging opportunities says Korean President Moon Jae-in orean President Moon Jaein has committed to sharing Korea’s technological and industrial experience with Africa and to help it compete in the 4th Industrial Revolution.

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His message came at the opening ceremony of the Annual Meetings on Wednesday, May 23. “Africa is no longer the sleeping lion. Korea is happy to share its industrial experience with the continent. The theme of the Annual Meetings is appropriate for the industrial transformation of the continent, and in facilitating the sharing of experiences with Korea and other partners.”

IN THIS EDITION

African Development Bank President Akinwumi Adesina thanked the Government of Korea for hosting the Bank’s Annual Meetings. He recalled Korea’s transformation from a poor nation 60 years ago to the 11th largest economy in the world, noting the contribution of industrialization to its transformation.

“Today, Samsung and LG television and phones dominate globally, while Korean cars are everywhere. Korea was deliberate and consistent in its industrial drive like China and Japan. Africa must learn from Korea’s industrialization and the equally remarkable experiences of China, Japan, and other parts of the world,” he said. “Africa must fast-track industrialization. That is why the African Development Bank plans to invest US $35 billion over the next 10 years in its focus on industrialization. The Bank’s industrialization strategy hopes to help Africa raise its industrial GDP from a little over US $700 billion today to over US $1.72 trillion by 2030. This will allow Africa’s GDP to rise to over US $5.6 trillion, while moving GDP per capita to over US $3,350. “The formula for the wealth of nations is clear: rich nations add value to all they produce; poor nations simply export raw materials. Africa needs to industrialize and

add value to everything that it produces – from agriculture, to minerals, to oil, gas and metals. Africa needs to move from the bottom to the top of the global value chains.” Young Africans can transform the continent given the chance. He described the experience of Clarisse Iribagiza, a young Rwandan woman who earned a master’s in Information and Communications

Editorial: Lessons from Korea for Africa p.3 Guest of the Day: Hassatou Diop N’Sele, Acting Vice-President, Finance p.6 Meet our social media influencers p.8

All videos: j.mp/2IF6Pq4

elegates today called for firm action on women’s empowerment and gender equality to ensure equal opportunities for men and women in the industrialization process across Africa and beyond.

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Discover Busan: Explore traditional Korea p.12 Watch the Governors’formal statements: j.mp/2IDTEFU

Busan Bulletin printed on recycled paper - May 24, 2018

To be continued on p. 3

Gender equality in industrialization on the menu at breakfast session

Find the photos on Flickr: j.mp/2IF46wH

Watch the interviews with Governors: j.mp/2IErqut

Technology from the Kigali Institute of Science and Technology, a program supported by the Bank. With a modest contribution from the Government of Rwanda, Clarisse launched an ICT business that she recently sold that for US $10 million. She is now a member of the Bank’s Presidential Youth Advisory Council of the Bank.

Speaking at a breakfast session on gender and industrialization on the sidelines of the 2018 Annual Meetings of the African Development Bank Group in Busan, Korea, participants called for inclusive industrialization where no one is left behind.

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“I acknowledge that despite African governments’ efforts to advance gender equality in all aspects of development, women are still left behind in some economic opportunities. There is a need to act and show commitment to bridge this gap,” said Jennifer Blanke, Vice-President for Agriculture, Human and Social Development at the African Development Bank Group. To be continued on p. 3


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