Africa should replicate Korea’s industrialisation success - AfDB
15 May 2018 - by
The African Development Bank (AfDB) believes that industrialisation in Korea provides a solid case study for why some countries in Africa stagnate while others make effective use of industrialisation in order to achieve economic progress.
“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,” the bank said in a statement. “African industry generates an average of $700 of GDP per capita, barely a fifth of East Asia’s $3 400.”
Korea’s industrial transformation is famous for high-tech consumer electronics, cars, ships, and oil and gas platforms, while Africa largely exports low-tech unprocessed natural resources.
Opportunities for Africa to replicate Korea’s success are the key agenda item at the 2018 Korea-Africa Economic Co-operation Conference, on the theme, “Africa and the 4th Industrial Revolution: Opportunities for leapfrogging?”
This conference will be held in Busan, Korea in tandem with the 2018 Annual Meetings of the AfDB on May 22-24.