The African Development Bank Group is meeting on May 21-25, 2018, to be held in Busan, Korea to coincide with the Korea-Africa Economic Cooperation (KOAFEC) Conference is significant in many respects. Foremost is its theme “ Africa and the 4th Industrial Revolution: Opportunities for Leapfrogging?” conveys the region’s determination to go up in the pecking order in industrialization. Implicit in that goal is the realization that generation of gainful employment and better income distribution are critical to the development of the region.
The Bank President Akinwumi was too candid when he narrated the trajectory the region is undergoing. While the developed world is focusing on value adding to everything that comes in their way, poor nations in Africa is exporting raw materials to be processed elsewhere. That would mean the raw material exporting nations are entitled for chafe while the grain is appropriated by the processing nations, spurring millions of employment and income to the people in their countries.
Keeping in tandem with the theme of the conference, a publication titled “Industrialize Africa Strategies, Polices, Institutions and Financing”, will be unveiled. It is expected that there will be serious discussions based on the theme at the Meet. Korea, in particular Busan, will provide an elegant backdrop to the conference since that city is a symbol of faster industrialization. The leapfrogging Korea has achieved in industrialization since 1960’s, is a perfect example how countries should synergize their development processes. Upfront with a huge challenge and insurmountable problems, Korea has made a grade among the comity of nations in industrialization and that too its benefits are inclusively spread, an ideal model African countries can adopt.
The rags to riches story which the city of Busan can tell will motivate the African countries and instill them a confidence that nothing is impossible with commitment, drive and collective effort. Korea’s transformation into a high tech aided by its breakthrough developments in consumer electronics, cars, ships and oil and gas platforms is a trendsetter and a trailblazer for any country to follow and emulate.
The per capita GDP of Africa is US $700, as against East Asia’s US $3,400. More than 80% of Africa’s exports consist of low-tech unprocessed natural resources. That grave situation will be the major concern of thousands of delegates, heads of state, public and private sector, academics and civil society, who will assemble at Busan. Importantly, the Bank will launch its economic publication African Economic Outlook (AEO) 2018, followed by various presentations.
