"Africa is not as risky as you hear. It is a continent of opportunities, waiting to be tapped."
The business forum was held at the 7th Korea-Africa Economic Cooperation Ministerial Conference, held in Korea's second-largest city, Busan. The African Development Bank uses partial risk and credit guarantees to reduce the risks faced by the private sector. Adesina listed several sectors that he said offered huge opportunities, including energy and agriculture, which is expected to grow to $1 trillion by 2030. This includes the development of special agro-industrial processing zones in which the bank and partners have invested more than $1.5 billion in 11 countries.
Kim shared his strong conviction that there are enormous opportunities for investment in Africa compared to other continents and highlighted the important role of the private sector in harnessing these opportunities. Kim recalled that Korea was one of the poorest countries in the world but was able to overcome this largely by focusing on its small businesses and the private sector.
The Chairman and President of the Export-Import Bank of Korea, Hee-sung Yoon, said Africa's population and vast resources offered enormous opportunities for growth."The AfCFTA will connect Africa with the rest of the world," Yoon said."It will be an opportunity for Korea to build strategic partnerships," he added.