Africa Development Bank Group, AfDB, has initiated a partnership with the Korean government in the area of technology, to engage in food production in Africa.
Speaking on the initiative in Malabo , Equitorial Guinea, AfDB’s Special Advisor to the president on Industrialization, Prof Oyebanji Oyelaran Oyeyinka said the ‘The feed Africa’ scheme is to transform Africa agriculture into a competitive and inclusive agribusiness sector that creates wealth.
AfDB Special Advisor to the president on Industrialization, Prof Oyebanji Oyelaran Oyeyinka said that, “in Africa, Agriculture has not become a business we did not achieve what the call the green revolution for example what you saw with Korea as they actually transform their country literally from degradation and poverty by one simple crop, rice.”
For her part, AfDB Representative for Egypt, Plalinne Blomberg, said, “it is a special time we are having now because we have the new Africa continental trade agreement. what this does is to open new market of more than 3 trillion dollars for African and International investors.” According to AfDB records, the global portal agro business is about 8 trillion dollars, an amount bigger than the information technology sector, even the automobile industry.
The Korean government says it has been involved in helping Africa in the area of agriculture since 2009.
“The government of Korea has agreed to start to help Africa. last year Africa foundation funded the project to help Africa. So this meeting also a representative from our country came here to present drone system for agriculture sector for Africa, “ said Hwangroh Lee, Korean Ambassador to Equatorial Guinea.
According to the Bank, the initiative aims to contribute to the end of extreme poverty in the continent, eliminate hunger and malnutrition, make Africa a net exporter of agricultural commodities, as well as to move Africa to the top of key agricultural value chain.