The Ministry of Economy and Finance is hosting the 8th Korea-Africa Economic Cooperation (KOAFEC) ministerial meeting from September 8 to 11, discussing ways to expand economic cooperation between Korea and Africa. This year marks the 20th anniversary of the initiative, with over 800 attendees, including finance ministers from 45 African countries, government representatives, international organizations, public institutions, and private sector officials.
On September 8, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol met with Akinwumi Adesina, President of the African Development Bank (AfDB), in Seoul to discuss expanding cooperation between Korea and the AfDB. This is Adesina's first visit to Korea since taking office.
During the meeting, Koo proposed enhancing collaboration and achieving tangible results in light of KOAFEC's 20th anniversary. The two sides agreed to develop artificial intelligence (AI) and digital technology as new key areas of cooperation between Korea and the AfDB.
They also committed to linking various cooperation mechanisms, including the KOAFEC Trust Fund, the Economic Development Cooperation Fund (EDCF), and the Knowledge Sharing Program (KSP), to support sustainable growth and industrial transformation in Africa.
Koo specifically requested that Korean companies, which have competitive advantages in digital infrastructure, power grids, smart cities, water resources, transportation, and AI solutions, actively participate in AfDB projects by sharing business information and procurement opportunities, and by facilitating connections with local governments and businesses.
KOAFEC is an economic cooperation forum established in 2006 to facilitate high-level economic policy dialogue and identify development cooperation projects between Korea and Africa. Over the years, it has connected cooperation agendas to concrete projects through ministerial policy dialogues, the KOAFEC Trust Fund, KSP, EDCF, and private sector exchanges.
The theme of this year's meeting is 'Transforming Africa through AI and Digital Infrastructure.' Discussions will focus on how to leverage Korea's AI and digital technology and development experience to enhance productivity and innovate industrial and public services in Africa.
On September 9, the main event will feature a ministerial roundtable with two sessions: 'Transforming Africa through AI and Digital' and 'Promoting AI Adoption in Africa through Digital Infrastructure.' A joint declaration outlining the discussed cooperation directions will be adopted following the roundtable.
On September 10, an economic cooperation event will aim to expand government-to-private sector collaboration. The Business Innovation Forum will discuss private cooperation between Korea and Africa, covering AI-based infrastructure such as power and data centers, as well as the startup ecosystem.
Investment briefings will introduce key investment and procurement projects from African governments and the AfDB, along with one-on-one business meetings between Korean and African companies and institutions. There will also be a field meeting to hear about the experiences and challenges faced by domestic companies entering the African market.
On the final day, September 11, the African delegation is scheduled to visit domestic industrial sites. They will tour Korean AI companies and related industries to explore Korea's technological and industrial development experiences and seek future cooperation opportunities.
* This article has been translated by AI.
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