In a recent appeal, President Samia Suluhu Hassan urged the Republic of Korea and its financial institutions to enhance their involvement in African infrastructure projects through Public-Private Partnership (PPP) arrangements. Speaking at the Korea-Africa Infrastructure Forum held at The Westin Chosun in central Seoul, President Samia emphasized the mutual benefits such collaborations could bring, driving sustainable development and economic growth across Africa and the Republic of Korea.
Highlighting a significant financing gap, President Samia noted that Africa requires up to USD 170 billion annually to modernize its infrastructure, currently facing a shortfall of $108 billion. "Imagine the transformative impact if more private sector actors, particularly from the Republic of Korea, partnered with us," she remarked, pointing to investment opportunities in railway development, medium shipbuilding, and the production and distribution of Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG).
The forum, a key event of the Korea-Africa Summit, brought together Tanzanian President Samia Suluhu Hassan, ministers from Ghana, Kenya, Rwanda, and Uganda, alongside representatives from Seoul-based companies. The event aimed to bolster dialogue and explore sustainable infrastructure investments, fostering long-term cooperation and development.
The Republic of Korea's public enterprises are already in discussions to participate in pivotal infrastructure projects across Africa, including the New Nyali Bridge and road improvement project in Kenya, the Accra-Elubo Highway expansion in Ghana, and the Green City project in Rwanda.
Addressing the forum, Park Sang-woo, Korea's Minister of Land, Infrastructure, and Transport, underscored the importance of sharing Korea's growth experiences with African nations. "Africa, with its rapidly growing economy and population, must systematically build its infrastructure," he stated, stressing the need for comprehensive strategies involving advanced financial management, project financing capabilities, and sophisticated project management plans.
African leaders echoed this sentiment, expressing a strong desire for enhanced cooperation. Ghana's Minister for Roads and Highways, Francis Asenso-Boakye, invited Korean firms to explore partnerships in Africa, highlighting the potential for Korean expertise and innovation to significantly boost infrastructure development efforts.
Kenya's Minister of Roads and Transport, Kipchumba Murkomen, highlighted ongoing collaborative projects with Korea, including the implementation of an intelligent traffic system, the construction of a second Nyali Bridge in Mombasa, and the expansion of the Nairobi-Mombasa highway. Murkomen emphasized the urgency of these projects, given the limited time available due to election cycles. "We request that these processes are expedited so that we realize these great developments in our lifetime," he stated.
During the forum, Rwanda and Seoul signed a Memorandum of Understanding (MOU) on smart cities, infrastructure, and mobility cooperation. This MOU follows Minister Park's April visit to Rwanda and outlines plans to build a government-to-government cooperation platform for new towns, share knowledge, and increase the Economic Development Cooperation Fund from USD 500 million to USD 1 billion. Additionally, the Korea Overseas Infrastructure & Urban Development Corporation (KIND) and the African Development Bank (AfDB) signed a Letter of Intent (LOI) to foster infrastructure and urban development in African countries.
The Korea-Africa Infrastructure Forum highlighted the critical need for enhanced collaboration and investment to address Africa's infrastructure deficit, paving the way for a future of shared prosperity and growth.
4o