Seoul: South Korea officially kicked off the Korea-Africa Economic Cooperation (KOAFEC) meeting Tuesday with the aim of expanding economic exchanges with African nations, the finance ministry said. The event is co-hosted by the Ministry of Finance and Economy, the Export-Import Bank of Korea, and the African Development Bank (AfDB), taking place in Seoul over four days and involving government delegations from 45 African countries.
According to Yonhap News Agency, KOAFEC, a consultative body established by South Korea and African countries in 2006, celebrates its 20th anniversary this year. The finance ministry announced that approximately 800 participants, including international organization representatives, are expected, marking it as the largest KOAFEC ministerial meeting to date. This attendance underscores the strengthening ties between South Korea and Africa.
The theme for this year is "Harnessing AI and digital infrastructure for Africa's transformation." South Korea plans to share expertise in AI and digital sectors to aid in improving industrial productivity and public services in African nations. Finance Minister Koo Yun-cheol met with AfDB President Sidi Ould Tah to discuss enhancing cooperation between the finance ministry and Africa.
Koo emphasized the importance of achieving tangible results for KOAFEC's 20th anniversary. Both parties agreed on utilizing AI and digital technologies as focal areas for Africa's sustainable growth. Koo sought AfDB support for South Korean firms' involvement in major projects across Africa, including digital infrastructure, power grids, water resources, transportation, and AI solutions.
The organizers also plan a ministerial roundtable on Wednesday, where South Korea and African countries will explore ways to expand cooperation, concluding with the adoption of a joint declaration. The finance ministry noted that various business events, including investment briefings, will occur throughout the four-day meeting.