It's undeniable that the importance of Africa in the nation's diplomacy has been ignored. This can be evidenced from the fact that only three Korean presidents had visited the continent before President Park Geun-hye embarked on her first trip to Africa Wednesday.
President Park's visit to the so-called last growth engine of the global community comes five year after Lee Myung-bak, her predecessor, visited Congo, Ethiopia and South Africa. Most notable is that she will be the first Korean head of state to visit Uganda. Other countries included on her itinerary are Ethiopia and Kenya.
There has been much talk about cooperative partnerships between Korea and Africa; but their relations have stopped short of full-blown cooperation, stuck in Korea's business-as-usual economic aid. So President Park's trip to the three largest economies in East Africa seems well-timed.
The three countries are known to be making remarkable economic progress even without viable natural resources. As a whole, the African continent has boasted political stability and high economic growth amid speculation that the number of middle-class Africans would surpass 500 million by 2030.
According to the International Monetary Fund, seven out of the top 10 countries in economic growth from 2011 through 2015 were in Africa, with Ethiopia ranking first. All this points to Africa's high potential as a market and a partner for economic cooperation.
President Park's Africa visit is in line with the trends of major economic powers such as the United States, China and Japan. China, in particular, has been most active, with its leader Xi Jinping visiting the continent in 2013 and 2014 consecutively.
By contrast, Korea's foray into Africa is still in its infancy. Africa accounts for only 1.3 percent of Korea's annual exports, which are mostly from large companies. Korea's grant-type aid for the continent remained at about $100 million this year.
What is advantageous for Korea, however, compared to its big competitors, is that many African countries have a keen interest in deepening economic ties with Korea, impressed by its transformation from a recipient of international aid to a donor state in a short span of time.
During her trip to Adis Ababa, Ethiopia's capital, President Park ― who will be accompanied by CEOs of 166 companies ― plans to deliver a speech at the African Union headquarters to announce Korea's new policy vision for Africa. Hopefully, the speech will serve as an occasion for Korea and Africa to upgrade partnerships in all spheres for mutual benefit.
President Park's visit to the so-called last growth engine of the global community comes five year after Lee Myung-bak, her predecessor, visited Congo, Ethiopia and South Africa. Most notable is that she will be the first Korean head of state to visit Uganda. Other countries included on her itinerary are Ethiopia and Kenya.
There has been much talk about cooperative partnerships between Korea and Africa; but their relations have stopped short of full-blown cooperation, stuck in Korea's business-as-usual economic aid. So President Park's trip to the three largest economies in East Africa seems well-timed.
The three countries are known to be making remarkable economic progress even without viable natural resources. As a whole, the African continent has boasted political stability and high economic growth amid speculation that the number of middle-class Africans would surpass 500 million by 2030.
According to the International Monetary Fund, seven out of the top 10 countries in economic growth from 2011 through 2015 were in Africa, with Ethiopia ranking first. All this points to Africa's high potential as a market and a partner for economic cooperation.
President Park's Africa visit is in line with the trends of major economic powers such as the United States, China and Japan. China, in particular, has been most active, with its leader Xi Jinping visiting the continent in 2013 and 2014 consecutively.
By contrast, Korea's foray into Africa is still in its infancy. Africa accounts for only 1.3 percent of Korea's annual exports, which are mostly from large companies. Korea's grant-type aid for the continent remained at about $100 million this year.
What is advantageous for Korea, however, compared to its big competitors, is that many African countries have a keen interest in deepening economic ties with Korea, impressed by its transformation from a recipient of international aid to a donor state in a short span of time.
During her trip to Adis Ababa, Ethiopia's capital, President Park ― who will be accompanied by CEOs of 166 companies ― plans to deliver a speech at the African Union headquarters to announce Korea's new policy vision for Africa. Hopefully, the speech will serve as an occasion for Korea and Africa to upgrade partnerships in all spheres for mutual benefit.
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