Africa should learn from Korea

[bluesky79]

대한민국의 기적 한국을 아십니까? Do you know about Miraculous Survival of Korea? - YouTube

Last December, The Economist published the article, ‘Africa Rising.’ Over the past decade, the average growth rate of African countries was 6.8~8.8%. However, the World Bank and other international institutions that support development in Africa reminded them that growth in Africa must continue and recommended that they follow the Korean economic growth model. Following the Korean War and the Japanese colonization, South Korea remained one of the poorest countries in the world for over a decade. The growth of the industrial sector was the principal stimulus to economic development. Now it ranks 15th in the world by nominal GDP and 12th by purchasing power parity. Now, Korea and Africa has formed inter-government consultative body to actively address the developments through effective coordination and creative organization of the relevant forums. I hope to see Africa's economic growth catch up with the developed countries.

 

[waltky]

Land rich in resources has it's people living in poverty...

While rich in resources, Africa’s people live in poverty
October 25, 2012 - Delegates from around Africa wrapped up the 8th African Development Forum, ADF, in Addis Ababa, Ethiopia, on Thursday, October 25. African countries were called on to harness their abundant natural resources for the sustainability of economies and the empowerment of the people of the continent.

The continent of Africa hosts a wealth of natural resources, some of which include platinum, diamonds, gold, copper, chromium, iron, cobalt and oil. “$50-billion leaves Africa’s soils every year in terms of illicit financial flow,” said Yinka Adeyemi of the Economic Commission for Africa. Adeyemi said for too long the continent has been experiencing the draining of its natural resources, either through direct stealing, or by other illicit means, leaving the people of these countries in poverty.

“The problem we have been facing is that these resources are not used appropriately and adequately for improvement of our people’s lives. An economists’ projection for 2012 said that five of the ten top growers in terms of GDP are in Africa. How come some of these countries are also some of the poorest?” said Adeyemi, who went on to provide the example of Niger. “Niger comes in at about five or six in terms of uranium. Why is it that that same country happens to be one of the poorest in the world? It makes no sense,” said Adeyemi.

Adeyemi went on to say that in order for Africans to benefit from their abundant natural resources, participants at the forum put into place some initiatives. The goal is for African countries to have a framework that goes beyond each country so they can work together on addressing the issues affecting natural resources, either by regulation or civil society action.

By the end of the session it is expected that hundreds of the participants will have adopted a consensus statement. “The consensus statement will outline a plan of action. We are the Economic Commission of Africa. We’ve accompanied countries to implement a plan of action. The work will depend on what each country can do,” said Adeyemi.

To listen to the entire interview click on audio.[url]

http://www.voanews.com/content/africa-resources-economy/1533218.html