The Ministry of Economy and Finance hosted the second day of the 8th Korea-Africa Economic Cooperation (KOAFEC) ministerial meeting at the Grand Walkerhill in Seoul on September 10. The event included business forums, investment briefings, and one-on-one business meetings, focusing on expanding opportunities for private sector engagement based on AI and digital cooperation strategies agreed upon at the previous day's ministerial roundtable.
Heo Jang, the Second Vice Minister of Economy and Finance, held a meeting with representatives from domestic organizations and companies, including Hyundai Motor, POSCO International, and Korea Water Resources Corporation, to discuss the status of local business initiatives and challenges. Participants requested increased financial support, the establishment of public-private cooperation platforms, and the identification of infrastructure projects.
During a subsequent meeting, Vice Minister Heo signed a memorandum of understanding (MOU) on policy cooperation and knowledge sharing in the natural resources sector with Amilcar Tivane, the Deputy Minister of Finance of Mozambique. The two countries agreed to share information on policies and regulations related to natural resources and to collaborate on the Knowledge Sharing Program (KSP) for economic development.
A forum themed 'AI-Based Industrialization in Africa, from Power and Data Center Infrastructure to Startup Ecosystems' attracted around 200 attendees, including government officials, international organizations, and business representatives from both countries.
The government announced a support plan for the 'K-AI Package,' which combines AI solutions, AI data centers, and power supply facilities with Economic Development Cooperation Fund (EDCF) infrastructure. The forum sessions discussed strategies for building foundational infrastructure such as power and data centers, as well as creating an AI ecosystem linked to education, technical training, and entrepreneurship.
In the afternoon, an investment briefing featured the African Development Bank (AfDB) introducing procurement systems in the AI and digital infrastructure sectors. Kenya (Konza Technopolis) and Tanzania (Dar es Salaam-Dodoma AI Cluster) presented their national development plans. Examples of POSCO International's graphite mine development in Tanzania and Korea Gas Corporation's liquefied natural gas (LNG) development in Mozambique were also shared.
Twenty-two domestic companies participated in one-on-one business meetings, with Korea Railroad Corporation discussing potential cooperation in the railway industry with Rwandan government officials.
On the final day of the event, September 11, the African delegation will conduct site visits to domestic AI-related companies, including Hanwha Vision, Furiosa, Rebellion, and Daedong, before concluding their schedule.
Vice Minister Heo stated, 'Based on the feedback gathered today, we will work to concretize practical support measures by linking various development cooperation tools, including the KOAFEC trust fund and the EDCF.'
* This article has been translated by AI.
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