South Korea launches African economic development scheme

6 Jul 15

South Korea has launched a development programme with eight different African governments that will focus on improving local skills in order to enhance economic growth across the continent.


Kenya - iStock

Kenya is one of the countries involved in the development initiative. Photo: iStock


With backing from the World Bank, the Korean government will collaborate with Cameroon, the Democratic of Congo, Ethiopia, Kenya, Rwanda, Senegal, Tanzania and Uganda to develop skills in applied sciences, engineering and technology.

Senior officials from the government’s Korea Development Institute are in the Ethiopian capital of Addis Ababa to launch the project ahead of the United Nations’ Financing for Development conference next week.

Announcing its role in the initiative, the World Bank said that South Korea recognised that knowledge sharing is an effective and innovative tool for economic development. In just 50 years, the country has transformed itself from an aid-recipient country to a donor country through rapid economic growth and prosperity, it highlighted, due to strong investment in education and skills.

Siwook Lee, executive director, at the Center for International Development, a division of the Korea Development Institute, said: “The Republic of Korea is keenly interested in supporting socioeconomic growth in Africa.

“We expect that the continent will be a key pole of global economic growth, and are interested in partnering with more African countries to enhance their capacity in policy making and implementation through our Knowledge Sharing Program,” he added.

Kabba Urgessa, state minister for Higher Education in Ethiopia added that Ethiopia was pleased to host the conference, which would allow it to gain from the experience of countries like South Korea.

“We particularly appreciate that this knowledge-sharing is now taking place in a structured and efficient way, maximizing the benefits for a number of countries,” he added.

  • Judith Ugwumadu
    Judith Ugwumadu

    Judith writes about public finance, public services and economics across Public Finance International and Public Finance. She previously undertook reporting stints at Financial Adviser, Global Security Finance and The Sunday Express.

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