The African Development Bank (AfDB) annual meeting kicked off in Busan on May 21, providing an opportunity to discuss the industrialization of African countries and strengthen economic cooperation between South Korea and Africa.
Organized jointly by Korea's Ministry of Strategy and Finance and the AfDB, the five-day meeting at the BEXCO convention center focuses on how to accelerate Africa's industrialization. The 4,000 participants include delegates from 80 AfDB member countries and international organizations, African businessmen and journalists.
The President of AfDB Akinwumi Adesina, Prime Minister of Morocco Saadeddine Othmani, Deputy Minister of Finance and Economy of Ethiopia Abraham Teckstay, World Bank (WB) President Kim Yong and International Development Office (USAID) Director Michael Green, are among the participants.
South Korea is a member of the non-AfDB member countries, and this event is the fifth annual meeting to be held in a non-member country.
Along with the AfDB Annual Meeting, the Korea-Africa Economic Cooperation (KOAFEC) is also scheduled to take place. Established in 2006, KOAFEC has become a window for economic cooperation between Korea and Africa.
Officials of the Ministry of Strategy and Finance, the Korea Export-Import Bank, and the staff of the AfDB executive office will participate in the annual meeting to discuss the results of partnership and collaboration plans for the next two years.
South Korea’s Economic Deputy Prime Minister Kim Dong-yeon will hold a ministerial round table on the theme of “Africa and the Fourth Industrial Revolution: Opportunity for Innovative Growth” with African finance ministers, ministers and deputy ministers of major countries, and heads of international organizations.
AfDB and KOAFEC have organized additional events to help Korean companies explore business opportunities in Africa. Ghana and the Ethiopian Water Resources Development Department are among 15 organizations that will introduce large-scale projects in Africa to Korean companies on May 23.