Beta Launch Saturday, 17 November 2018
Global Dow 3.79
2,835.68 0.13%
27 August 08:59 PM
S&P 500 4.08
2,443.05 0.17%
25 August 05:03 PM
EGX 23.25
12,949.65 0.18%
27 August 12:00 AM
TDWL -20.48
7,225.18 -0.28%
27 August 12:00 AM
DFM -21.94
3,602.55 -0.61%
27 August 12:00 AM
ADX -13.82
4,479.99 -0.31%
27 August 12:00 AM

Annual Meetings of the African Development Bank Group to kick off Monday in S.Korea

The 2018 Annual Meetings of the African Development Bank Group will kick off on Monday in South Korea's Busan to review means of promoting economic and industrial cooperation between Africa and S.Korea.

Ministers from 35 African states will take part in the five-day event which is held under the theme of “Accelerating Africa’s Industrialization.”

The AfDB was established in 1964 as a way to contribute to the economic and social development of Africa through promoting investment with 54 member countries from the continent and 26 from outside the region. South Korea joined the organization in 1984.

This is the fifth time for the bank to arrange its annual meeting outside Africa.

On May 22 and 24, in tandem with the Annual Meetings, the 2018 Korea-Africa Economic Cooperation (KOAFEC) Conference will address, “Africa and the 4th Industrial Revolution: Opportunities for leapfrogging?”

Industrialize Africa is one of the Bank’sHigh five priorities to speed up the continent’s development. As Bank President, Akinwumi Adesina states, “The secret of the wealth of nations is clear: developed nations add value to everything they produce, while poor nations export raw materials. Africa must quit being at the bottom of the global value chains and move rapidly to industrialize, with value addition to everything that it produces.”

Korea, and Busan in particular, provide solid evidence for discussions about why some countries, especially in Africa, stagnate while others make tremendous progress thanks to industrialization. In the 1960s, Korea’s economic prospects were more challenging than those of most African countries. Today, it is at the top of the development ladder.

Korea’s industrial transformation is famous for high-tech consumer electronics, cars, ships and oil and gas platforms. Korea is currently building the world’s largest semi-submersible platform.

Africa’s lack of industries is largely responsible for its low standing in global development. African industry generates an average of  $700 of GDP per capita, barely one-fifth of East Asia’s $3,400, which probably explains why it continues to depend for most needs on industrialized economies despite its own strong economic growth for almost two decades. 

Low-tech unprocessed natural resources comprise the bulk of African exports, representing more than 80% of exports from Algeria, Angola or Nigeria, for example.

At the Annual Meetings, thousands of delegates, Heads of State, public and private sector CEOs, development partners, academics, civil society and media gather to reflect on Africa’s industrialization and related issues including climate change, infrastructure, private sector and governance.

A series of knowledge events are organized to generate new ideas for developing and financing Africa’s industrialization. The meetings will include a High-Level Presidential Dialogue: Visions, Experiments and Lessons Learned at whose panel political leaders from Africa and Korea will present their visions and strategies for industrialization and ideas for overcoming the challenges of implementation.

On Wednesday, May 23, the Bank will launch its flagship economic publication, African Economic Outlook (AEO) 2018. The following day, it will provide an overview of its operations, financial profile and capital market activities for 2017 during the Financial Presentation.

 

RECOMMENDED

COMMENTS

There are no comments yet

LEAVE A COMMENT

Share with

My Account

Forgot password?

Create An Account

Forgot password?

Restore password

Subscribe to read
Already subscribed? Click here

For a limited time!
12 Months = 15 Months
24 Months = 32 Months
(Included Postal Fees worldwide)

Read, Explore Opportunities
Be connected with Business, Investment, Finance, Stock Exchange, Currencies, Development and International Cooperation

3 Months

18 USD / 60 AED

English Edition

Subscribe

3 Months

18 USD / 60 AED

Arabic Edition

Subscribe

3 Months

29.9 USD / 99 AED

Both Editions

Subscribe

6 Months

36 USD / 120 AED

English Edition

Subscribe

6 Months

36 USD / 120 AED

Arabic Edition

Subscribe

6 Months

59.9 USD / 199 AED

Both Editions

Subscribe

12 Months

72 USD / 240 AED

English Edition
Good Deal! 
(15 Months instead of 12 Months)

Subscribe

12 Months

72 USD / 240 AED

Arabic Edition
Good Deal! 
(15 Months instead of 12 Months)

Subscribe

12 Months

122 USD / 408 AED

Both Editions
Good Deal! 
(15 Months instead of 12 Months)

Subscribe

24 Months

144 USD / 480 AED

English Edition
Amazing Deal!
(32 Months instead of 24 Months)

Subscribe

24 Months

144 USD / 480 AED

Arabic Edition
Amazing deal!
(32 Months instead of 24 Months)

Subscribe

24 Months

240 USD / 799 AED

Both Editions
Amazing deal!
(32 Months instead of 24 Months)

Subscribe
* Terms and conditions apply.