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The Strategic Value of Africa as the New Market and Korea’s Economic Cooperation with Africa

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  • Y. Park
  • Y. Kim

Abstract

Africa is rising as the new market in the 21st century. Before the 2000s Africa was regarded as a “continent of crisis† plastered with poverty and war. However, it is now being spotlighted as the ‘last new market on Earth’ due to its development potential. Its value is being reevaluated because it presents new opportunities as an unexplored market. It present opportunities across a wide range of industries: from consumer goods to manufacturing, agriculture, natural resource development and infrastructure. Korea has been ignorant of Africa’s development potential till the mid-2000s but is now looking at Africa as a new opportunity market or cooperation partner. It is taking diverse measures such as through state visits and increase of development aid to strengthen cooperation. Korea perceives Africa’s potential from a future oriented perspective and is expanding economic cooperation from a long-term standpoint. Consequently, Korea is working towards establishing a future oriented partnership with Africa based on mutual trust by identifying core partnership projects that meet the needs of Africa. Korea seeks substantiality of its economic partnership with Africa by identifying priority countries of cooperation.

Suggested Citation

  • Y. Park & Y. Kim, 2018. "The Strategic Value of Africa as the New Market and Korea’s Economic Cooperation with Africa," Outlines of global transformations: politics, economics, law, Center for Crisis Society Studies, vol. 11(5).
    • Handle: RePEc:ccs:journl:y:2018:id:363
    DOI: 10.23932/2542-0240-2018-11-5-236-248
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    References listed on IDEAS

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    1. Anton Eberhard & Katharine Gratwick & Elvira Morella & Pedro Antmann, 2016. "Independent Power Projects in Sub-Saharan Africa," World Bank Publications - Books, The World Bank Group, number 23970.
    2. Park , Young Ho & Jeong , Jisun & Park, Hyunju & Kim , Yejin, 2015. "아프리카 민간부문개발(Psd) 현황 및 한국의 지원방안 (An Analysis of Private Sector Development (PSD) in Africa and Opportunities for the Korea-Africa Development Cooperation)," Policy Analyses 15-20, Korea Institute for International Economic Policy.
    3. Park , Young Ho & Bang , Ho-Kyung & Cheong , Jae Wan & Kim , Yejin & Lee , Boyan, 2016. "아프리카 도시화 특성분석과 인프라 협력방안 (An Analysis of Urbanization in Africa and Its Implication for Korea's Cooperation in Infrastructure Development)," Policy Analyses 16-22, Korea Institute for International Economic Policy.
    4. Park, Young Ho & Jung, Jae Wook & Kim, Yejin, 2017. "아프리카 소비사장 특성 분석과 산업단지를 통한 진출방안(Africa's rising consumer market and Korea's engagement opportunity through industrial zones development)," Policy Analyses 17-13, Korea Institute for International Economic Policy.
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