The chief economist of the African Development Bank (AfDB) Group, Kevin Urama, estimated on Wednesday July 12 that Asian countries and their private sector have every interest in turning to Africa, a continent that offers huge opportunities for investors, according to a statement issued by the AfDB on Thursday.
Urama made this call during a seminar co-organized with the Korea Institute for International Economic Policy (KIEP) in Sejong, Korea on the 2023 edition of the “African Economic Outlook” report, one of the Bank Group flagship reports.
“I urge investors and governments in Asia to see Africa not as a distant land, but as a continent full of opportunity,” he said.
This official, also Vice-President in charge of Economic Governance and Knowledge Management, underlines that, if Africa has suffered many major shocks in recent years, between the Covid-19 pandemic, the effects of climate change and invasion of Ukraine by Russia, the continent is proving quite resilient.
After reaching 3.8% in 2022, its growth rate is expected to climb to 4.1% in 2023 and 2024, exceeding the global average of 2.9% and that of Europe by 1.1%, it said. -he predicted, noting that only Asia’s growth of 4.3% will be higher.
“Africa must play a key role in the green transition, knowing that it contains 60% of the unexploited arable land in the world and the minerals necessary for green growth. These are opportunities for sustainable development and for investments. It is virgin land, you can easily build low-carbon infrastructure there without having to incur large expenditures,” he continued.
“The Asian continent must use its technologies and knowledge to establish a win-win relationship with Africa, to work with regions, countries, the African Development Bank, to achieve a convergence of interests, so that dreams become reality”, urged, for his part, Edmond Wega, the administrator of the AfDB Group for Canada, China, South Korea, Kuwait and Turkey.
For his part, KIEP Vice President, Sung-Chun Jung, acknowledged that “Africa has the potential to be a future market of green growth opportunities, with its rapidly growing population and abundant renewable energy and mineral resources.
He considered that “the international community must strongly support the efforts of African countries to fight against climate change, with financing, technology transfer and capacity building, in particular”. And the private sector must play a greater role in bridging the financing gap that affects the mobilization of funds dedicated to the fight against climate change.
The African Economic Outlook report, published annually, screens the economies of Africa’s 54 countries and details their projections. This was the 4th consecutive year that the report has been presented in Asia where the AfDB has opened an External Representative Office for Asia, based precisely in Japan.
By OMA Newsletter N° 1249 of 14/07/2023
Article published under the direction of Dr. Najib Kettani
The OMA, NGO with an Intercontinental vocation
For the development of cultural exchanges
Valuing human potential
The promotion and consolidation of Africa’s development, and
Inter-African integration
