The Ministry of Knowledge Economy and the Korea Plant Industries Association (Chairman Choi Gil-seon) announced that they will hold the fourth Korea-Africa Industrial Forum at Jamsil Lotte World Hotel on October 26.
Africa has recently been maintaining economic growth of more than 5% on the foundation of its rich natural resources. The relatively undeveloped continent is emerging as a market with big future potential, one which will place big orders for plants and facilities for energy development.
In this context, the event will help the Korean government and companies obtain valuable information, such as that regarding markets, their outlooks and expected projects. The forum will be attended by high-ranking government officials from African nations and the top managers of state-owned and private companies in Africa, with the aim of developing more markets in Africa.
The forum will also give Korea the opportunity to show the high-ranking government officials and top managers its status as a leading nation in the plant industry, including its strong technological and engineering power and rich experience.
The forum corresponds with the fact that the plant industry is becoming a national growth engine. That is to say, the Korean plant industry has positioned itself as a major Korean industry, while coming in seventh power in the world.
The African plant market is worth approximately US$50 billion, accounting for 5.5% of the entire market. As such, it is emerging as a new opportunity for plant companies around the world.