Korea’s Partnership for Africa’s Industrial Promotion: Focusing on K-Entrepreneurship

Africa's industrialization has been slow and has achieved very limited success despite abundant production factors in many African countries. Industrialization is crucial for Africa, especially with the potential momentum from the African Continental Free Trade Area (AfCFTA) to boost intra-regional trade. African governments need to create an enabling business environment by developing infrastructure and supporting entrepreneurs. Korea, a densely populated country with scarce natural resources, embarked on industrial promotion in the 1960s. The government prioritized human resource development and made significant progress in industrial promotion. Over the past three decades, Korea has become one of the most industrialized countries focusing on high-technology industries, thanks to the emergence of Korean entrepreneurs. There are valuable lessons for African countries regarding Korea's successful industrial promotion, which was induced by the development of entrepreneurship. Sharing Korea's development experience with Africa can foster its industrial promotion and entrepreneurial development. Although the African continent is diverse in its socio-political environment, there are commonalities in industrial promotion and entrepreneurship development. Hence, it is worthwhile situate Korea's experiences into an African context. This study explores the basic concept of entrepreneurship required for innovation and its impact on industrial promotion. Korea's partnership with Africa may aid Africa's industrial promotion, with a special focus on K-entrepreneurship.