Following the end of the Korean War in 1953, South Korea prioritised its alliance with the United States in pursuit of economic growth and military security. It took more than a decade since the end of the war until South Korea essentially inaugurated diplomatic relations with African states. The early years of its diplomacy in Africa focused on securing formal support from African nations for South Korea’s entry to the United Nations.
INVESTING in Africa is a long-term play, various experts have cautioned, even as one national strategist has identified the continent's digital economy as a brand-new growth area for Singapore.
The African Continental Free Trade Agreement (AfCFTA) offers great opportunities but it will not succeed without collaboration and commitment, says Venkataramani Srivathsan, Managing Director & CEO, Africa & Middle East, Olam International Ltd.
National Bank of Ethiopia
Source: How We Made It in Africa
In June 2018, Ethiopia’s new prime minister Abiy Ahmed survived an apparent assassination attempt. The attack was not entirely surprising. Ahmed has been ruffling quite a lot of feathers. He purged the military hierarchy, instituted reforms at businesses owned by the military, and signalled the liberalisation of crucial sectors like banking and telecoms; if not for anything else, to ameliorate a perennial foreign exchange shortage.
South Korean products are used by millions of people on the African continent every day – from Samsung mobile phones to LG air conditioners to Hyundai and Kia cars. In fact, in this year’s Brand Africa 100 ranking of the most-admired brands on the continent, Samsung and LG featured in second and 10th places respectively.
Over the last 25 years, Côte d’Ivoire’s cashew production has seen exploding growth. In nearly 10 years, the Ivorian cashew crop has surged 154% from 280,000 MT in 2007 to 711,000 MT in 2017. In 2016, Côte d’Ivoire overtook India, the world’s largest cashew producer, as the world’s leading raw cashew nut (RCN) exporter, cementing its status as the leading RCN origin for Asian cashew processors.