Korea’s prescription for Africa
However voluminous government-provided infrastructure and incentives are, such unilateral aid blinds African states from searching for the No. 1 ingredient for a manufacturing powerhouse: entrepreneurship.
While it is true that authoritarian regimes’ guidance also partially contributed to the Korean economic miracles, select entrepreneurs rose up to the occasion and assumed the initiative first, not vice versa. Lee’s Samsung and Chung’s Hyundai in South Korea demonstrate how a dedicated drive has eventually won international reception.
When such committed minds lead the way and succeed with government assistance, the new industrial paradigm will govern the African business climate, inviting the next generation of devoted business talents.
Only after those resourceful Africans grasp the opportunity to test entrepreneurial spirit will Africa transform into an economic powerhouse no longer left behind the global business current.
Choi Si-young, Honorary editor-in-chief on Yonsei European Studies at Yonsei University
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