The Vice President for Private Sector, Infrastructure, and Industrialization at the African Development Bank Group, Solomon Quaynor, recently visited South Korea to strengthen ties and promote infrastructure development in Africa.
During his visit, Quaynor emphasized the importance of public-private partnerships (PPPs) in advancing infrastructure projects on the continent. He encouraged Korean businesses to explore investment opportunities in Africa and highlighted the upcoming Africa Investment Forum as a key event for potential investors.
Quaynor also discussed the barriers to scaling up PPPs and private sector investment in Africa, including the perception of risk. However, he pointed out that Africa has performed well in the infrastructure sector, particularly in PPPs.
The Global Infrastructure Cooperation Conference (GICC) in Korea aimed to enhance overseas contracts for Korean companies and foster partnerships with global financial institutions. Quaynor noted that Korea is among the top non-African nations contributing to sustainable and resilient infrastructure development in Africa. He mentioned the 69 priority regional and continental projects approved by the Program for Infrastructure Development in Africa, which present significant opportunities for Korean infrastructure contractors.
Quaynor and his delegation signed an Aide Memoire on customs reform and modernization during discussions with the Korea Customs Service. The visit also included meetings with the International Contractors Association of Korea and senior executives from Korean companies with a presence in Africa, such as Daewoo E&C, Dohwa Engineering, and Samsung C&T. These discussions focused on enhancing Korean participation in African infrastructure projects and fostering long-term partnerships.
Throughout his interactions, Quaynor received congratulations on the African Development Bank Group's 60th anniversary, highlighting the institution's commitment to supporting Africa's development.