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Finance minister says Africa can greatly benefit from 4th industrial revolution

All Headlines 16:14 May 22, 2018

BUSAN, May 22 (Yonhap) -- South Korea's top economic policymaker said Tuesday that Africa can greatly benefit from changes being brought on by the fourth industrial revolution.

In a gathering of the Korea-Africa Economic Cooperation (KOAFEC) meeting on the sidelines of the weeklong annual African Development Bank (AfDB) gathering in Busan, Finance Minister Kim Dong-yeon said that while the continent may not have traditional industrial foundations, a bold adoption of the latest technological changes could transform the region into a cradle of smart infrastructure.

The fourth revolution refers to a new innovative digital economy backed up by progress in the Internet of Things (IoT), artificial intelligence, autonomous machines and big data. The fusing of such industrial sectors is expected to lead to the creation of new economic and social systems and generate growth across the globe.

"I have faith that Africa can achieve inclusive growth," the official who doubles as Seoul's deputy prime minister for economic affairs said in Busan, South Korea's No. 1 port city, 450 kilometers southeast of Seoul. He said KOAFEC provides various projects to lay the basis for customized support between South Korea an Africa.

He then warned that those who stick to old methods may be doomed to never find a path to innovative growth, while people who may fear they are lost after taking bold steps will eventually find new ways to growth.

The official then said South Korea and Africa have no historic baggage to contend with and because of this can approach each other without reservations.

The minister said Asia's fourth largest economy views the fourth revolution as a great opportunity and is committed to building up competitiveness in AI, IoT and other areas that are sure to bolster productivity in manufacturing and create new value-added industries. He said the country is willing to share what it learns with others.

Started in 2006, the biennial KOAFEC meeting is aimed at sharing South Korea's experience on economic development and enhancing cooperation in resource development.

At this year's gathering, 54 senior official from Africa will be in Busan along with 30 CEOs to exchange views with their South Korean counterparts.

Finance Minister Kim Dong-yeon delivers a speech at the Korea-Africa Economic Cooperation (KOAFEC) gathering in Busan on May 22, 2018. (Yonhap)


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