1st Time in 5 Years
The Ministry of Economy and Finance (MOEF) is hosting the Korea-Africa Economic Cooperation Ministerial Meeting for the first time in five years. Following the minister-level meeting, a joint declaration will also be announced.
The MOEF has announced that the 7th Korea-Africa Economic Cooperation Ministerial Meeting will take place in Busan from Sept. 12 to 15. This event is jointly hosted by the African Development Bank (AfDB) and the Export-Import Bank of Korea and will see the participation of delegations from 38 African countries.
Korea-Africa Economic Cooperation (KOAFEC) had its beginnings following the African visit of former South Korean President Roh Moo-hyun in 2006. It was initiated as an economic cooperation conference that invited African finance ministers. Currently, KOAFEC serves as a comprehensive channel for Korea-Africa economic cooperation and plays a pivotal role in promoting initiatives like resource diplomacy and enhancing economic engagement with Africa.
On Sept. 13 there is a minister-level roundtable meeting chaired by Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho. Following this meeting, a joint declaration will be issued. Additionally, Deputy Prime Minister Choo will participate in a signing ceremony related to the KOAFEC Trust Fund with Akinwumi Adesina, president of the AfDB. Furthermore, bilateral meetings between Deputy Prime Minister Choo and finance ministers from various African countries are also scheduled to take place.
On Sept. 14, discussions are planned to focus on cooperation initiatives in the private sector, including the participation of domestic companies in African projects. Kim Byung-hwan, the first vice minister of the MOEF, will deliver a welcoming address. On the final day, Sept. 15, the African delegation will visit the Busan North Port Promotion Center located at the Busan Expo site. They will also have the opportunity to board a cruise ship to get a view of the area.
The MOEF plans to announce a financial cooperation package following this ministerial meeting. This package will encompass support for the Economic Development Cooperation Fund (EDCF), export finance assistance for infrastructure construction projects, trust funds, and the Knowledge Sharing Program (KSP) for sharing economic development experiences.