REPUBLIC OF KOREA: PRESIDENT Samia Suluhu Hassan has called upon the Republic of Korean government and financial institutions to support more people from the Asian country to participate in African infrastructure projects through Public-Private Partnership (PPP) arrangements
She said by doing so, Africa nations can achieve sustainable development and economic growth that benefits both the continent and the Republic of Korea.
Elaborating, Dr Samia further pointed out the substantial infrastructure financing gap, noting that Africa needs up to 170 billion US dollars annually to upgrade its infrastructure, with a current shortfall of 108 billion US dollars.
“Imagine the transformative impact if more private sector actors, particularly from the Republic of Korea, partnered with us,” President Samia said, highlighting investment opportunities such as railway development, medium shipbuilding and Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) production and distribution.
ALSO READ: Samia: Why Africa needs to learn from Korea’s success story
The country is keen on securing more African infrastructure projects, including roads, railways and airports given the continent’s impressive economic growth and population increase.
The Ministry of Land, Infrastructure, and Transport hosted the Korea-Africa Infrastructure Forum yesterday at The Westin Chosun in central Seoul, inviting Tanzania’s president, ministers from Ghana, Kenya, Rwanda, and Uganda, as well as representatives from the Seoul companies.
The forum, a key side event of the Korea-Africa Summit, sought to strengthen dialogue and explore sustainable infrastructure investments, cooperation and long-term development opportunities.
The Republic of Korea public enterprises are in discussions to participate in key infrastructure projects across Africa, including the New Nyali Bridge and road improvement project in Kenya, the Accra-Elubo Highway expansion project in Ghana, and the Green City project in Rwanda.
The Republic of Korea Land and Infrastructure Minister, Park Sang-woo, emphasized the country’s intention in sharing its growth experiences with African nations, highlighting the role of strategic projects in the country’s rapid economic development.
“Africa, with its rapidly growing economy and population, must systematically build its infrastructure,” Park said in his opening remarks at the event.
“Today, large-scale infrastructure projects such as roads, railways and airports cannot be pursued solely through the traditional business structure where the government finances the projects, and the private sector handles construction and supervision,” Park said.
He stressed comprehensive strategies, including advanced financial management, project financing capabilities and sophisticated project management plans.
African leaders echoed the sentiment, expressing a strong desire for cooperation. Ghana emphasized the need for sustainable infrastructure projects that integrate environmental considerations.
“I would like to extend an invitation to the Korean firm to explore the partnerships in Africa and Ghana, particularly the expertise and innovative solutions that Korean companies bring to the table can significantly enhance our infrastructure development efforts,” said Francis AsensoBoakye, Ghana’s minister for Roads and Highways.
Kenya cited several infrastructure projects in collaboration with the Republic of Korea, including the implementation of an intelligent traffic system, the construction of a second Nyali Bridge in the Mombasa region, and the expansion of the major highway between Nairobi and Mombasa.
Kipchumba Murkomen, Kenya’s minister of Roads and Transport, emphasized the importance of expediting these projects for timely development.
“Some of us, just like South Korea, who are in government for a short time period because of election cycles, would like to see that these processes are expedited so that we achieve the necessary development within the necessary period for us,” he said.
ALSO READ: Why Korea varsity decorated Samia
This follows Minister Park’s April visit to Rwanda as a presidential envoy to strengthen ties in construction and infrastructure.
The MOU outlines plan to build a government-togovernment cooperation platform for new towns, share knowledge and increase the Economic Development Cooperation Fund from 500 million US dollars to 1 billion US dollars. Additionally, both nations discussed ways to jointly pursue urban and housing projects using policy funds and share knowledge to enhance capabilities.
The Korea Overseas Infrastructure & Urban Development Corporation (KIND) and the African Development Bank (AfDB) also signed a Letter of Intent (LOI) for cooperation to foster infrastructure and urban development in African countries.
No comments :
Post a Comment