The 5th Korea-Africa Economic Cooperation (KOAFEC) forum saw President Akinwumi Adesina of the African Development Bank (AfDB) call on Sung Je Cho, President of Busan Chamber of Commerce and Industry (BCCI), in Busan, South Korea's second largest city.
At the October 27, 2016 meeting, the two discussed the need to increase trade between Africa and Korea. They deliberated on common areas of collaboration, with President Adesina pointing out energy/power as a major challenge for Africa.
He invited Busan and Korea in general to partner with Africa on the issue. "Korea is a good inspiration for Africa. Korea has grown from a once poor nation to what it is now - one of the largest economies in the world. It offers vital lessons for Africa," said Adesina, who was accompanied by Vincent Nmehielle, AfDB's Secretary General, and Hau Sing Tse, AfDB's Executive Director representing Korea, among others.
Cho reiterated his institution's pledge to collaborate with the AfDB especially on the Bank's top five priority areas (High 5s). "The BCCI commits to supporting the AfDB to improve the quality of life for Africa," he stated. There are a total of 10,000 companies registered with BCCI.
President Adesina also held a meeting with the Mayor of Busan, Suh Byung Soo. Soo noted that Africa was a rising continent, and his city would assist in the development of the various sectors. "Although the distance between Africa and Korea is far, we will continue to strengthen our exchanges in industry, commerce, agriculture, energy and water," he stressed.
Adesina commended the country's diversified energy sector, which he said Africa could emulate. The country generates an energy mix derived from solar, wind and other renewable sources, which when combined supply 1,000 MW.
President Adesina thanked the mayor for accepting to host the Bank's Annual Meetings for 2018. The meetings will be held concurrently with the KOAFEC Ministerial Conference in Busan.
Busan is home to three of the world's leading conglomerates - Hyundai, Samsung and LG.
