The President of the African Development Bank Group, Akinwumi Adesina, has urged African diplomats to work harder in promoting the development of the continent by exploring business opportunities that can mutually benefit their hosts as well as their home countries.

Africa, he said, “can learn very useful lessons from the Republic of Korea which transformed itself from an aid-dependent nation to a donor country in just about a decade. Korea is an inspiration to me; a country that has transformed itself from receiving to giving aid ii a very short time,” he added.

At a similar gathering in Tokyo the AfDB President also praised Japan for its long-standing support to the Bank and to Africa through its substantial contributions the African Development Fund as well as technical and bilateral funding packages channeled through the Bank.

Adesina spoke at the gathering of the African diplomatic corps and local business people in Tokyo and Seoul.

In his contribution, the Executive Director representing Canada, China, Korea & Kuwait, Hau Sing Tse said that Korea has been very strategic in both its development choices as well as support to Africa which has also enabled the country to advance its interests in Africa.

The gatherings were within the context of an ongoing working visit to three non-regional Asian members of the Bank Group by a team of senior officials led by the AfDB President which began in Japan on 24 March. The second-leg of the mission began in Seoul on Saturday while the third segment will commence in Beijing on 28 March.

African diplomats in both countries said the meetings with the AfDB have helped to identify areas where the Bank can make good returns on investment by supporting businesses in their hosts and home countries, respectively.

They urged the Bank not to forget the SMEs that account for a large majority of the African private sector.

Estifanos Afeworki, Eritrea’s Ambassador to Japan and dean of the African diplomatic corps in Tokyo, said that since African economies were performing well at this time, there should be more emphasis on private sector engagements rather than on aid in transactions between the continent and its rich partners.

His colleague, the Ambassador of Angola in Seoul, described Korea as one of the best examples of how to be an industrialized nation in a short time, noting that the continent can lead the post-2015 development agenda and that it should stop focusing on exporting raw materials and natural resources.

Adesina agreed that the continent was performing well economically and in terms of GDP growth which stood at 4.4 % in 2015. He also said that the AfDB was equally doing well as most of its staff have returned to base and its operations in 2015 far exceeded what was achieved the previous year.

However, the challenges posed by inadequate infrastructure, especially in the energy sector, unemployment and rising poverty, were such that the continent still requires support from its partners to tackle some of the pressing challenges it faces.

In this regard, he urged the ambassadors to use their diplomatic skills to negotiate meaningful support to accelerate the continent’s development.