At the seventh Korea-Africa Economic Cooperation Ministerial Conference in Busan on Thursday, South Korea’s First Vice Finance Minister Kim Byoung-hwan stated that the country is eager to offer African countries its expertise in economic growth. Kim pointed out that Africa has abundant resources and a youthful population, and with the private sector’s creativity and dynamism, it has the potential to become a hub of industrial growth and business.
Kim mentioned that South Korea is well-versed in the area of economic development, having gone from being one of the poorest nations in the 1950s to a successful economy today. He believes that by expanding trade and exchanges with African countries, it will open up more opportunities and jobs. Additionally, the K-rice belt project, which is a collaboration between South Korea and 8 African countries, is a testament to their partnership.
On Wednesday, South Korea announced a $6 billion financial package for Africa, which includes $1.5 billion in low-interest loans from the Economic Development Cooperation Fund and $4.3 billion in export finance from the Export-Import Bank of Korea. Kim also stated that the government is looking for businesses to link with the package in order to support the African private sector.