centeroКонтуры глобальных трансформаций: политика, экономика, правоOutlines of global transformations: politics, economics, law2542-02402587-9324Center for Crisis Society Studiescentero-477Research ArticleСтатьиThe Strategic Value of Africa as the New Market and Korea’s Economic Cooperation with AfricaThe Strategic Value of Africa as the New Market and Korea’s Economic Cooperation with AfricaParkY.ParkY.

Youngho PARK, Research Fellow, Africa and the Middle East Team, Center for Area Studies, Korea Institute for International Economic Policy (KIEP); PhD in Economics, Hankuk University of Foreign Studies

370 Sicheongdaero, Sejongsi, 30147, South Korea

Youngho PARK, Research Fellow, Africa and the Middle East Team, Center for Area Studies, Korea Institute for International Economic Policy (KIEP); PhD in Economics, Hankuk University of Foreign Studies

370 Sicheongdaero, Sejongsi, 30147, South Korea

parkyh@kiep.go.krKimY.KimY.

Yejin KIM, Researcher, Africa and the Middle East Team, Center for Area Studies, Korea Institute for International Economic Policy (KIEP); M.A. in International Development and Cooperation, Korea University

370 Sicheongdaero, Sejongsi, 30147, South Korea

Yejin KIM, Researcher, Africa and the Middle East Team, Center for Area Studies, Korea Institute for International Economic Policy (KIEP); M.A. in International Development and Cooperation, Korea University

370 Sicheongdaero, Sejongsi, 30147, South Korea

kimyj@kiep.go.krKorea Institute for International Economic Policy (KIEP); Hankuk University of Foreign StudiesЮжная КореяKorea Institute for International Economic Policy (KIEP); Hankuk University of Foreign StudiesKorea, Republic ofKorea Institute for International Economic Policy (KIEP); Korea UniversityЮжная КореяKorea Institute for International Economic Policy (KIEP); Korea UniversityKorea, Republic of20191710201900SPECIAL ISSUE122132Copyright © Park Y., Kim Y., 20192019Park Y., Kim Y.Park Y., Kim Y.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://www.ogt-journal.com/jour/article/view/477

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.

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.

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The authors declare that there are no conflicts of interest present.