7th Korea-Africa Economic Cooperation Ministerial Confab Holds Mid-September

Posted by Eric Ojo Latest Headlines, World News Thursday, August 24th, 2023

(AFRICAN EXAMINER) – The 7th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference has been scheduled to will be hold from 12th to 15th of September in Busan, Republic of Korea.

The KOAFEC Ministerial Conference was initiated in 2006 to promote high-level policy dialogue on Korea-Africa cooperation and has since evolved into a biennial gathering.

The sixth conference was held in 2018, alongside the 53rd Annual Meetings of the African Development Bank, delivering concrete results. This year’s conference marks an exciting resumption of in-person meetings after the end of the COVID-19 crisis.

Amidst the challenges posed by the energy trilemma-a balance among energy reliability, sustainability, and affordability-the event will bring ministers from 54 African countries and experts from International Organizations and private companies to discuss measures addressing the on-going energy issues.

This year’s edition of the conference will be held under theme, “Embracing a Sustainable Future: Just Energy Transition and Agricultural Transformation in Africa”.

Discussions under the theme will address low-carbon energy transitions and food security issues across Africa, while exploring Korea’s linkages in both areas

Agricultural Transformation will be another pivotal theme of this year’s meeting. Given the current challenges of macroeconomic instability and climate changes, it is imperative to adopt a strategic approach to revitalize the agricultural industry in Africa, making it more competitive and inclusive.

The four-day event will be co-hosted by African Development Bank (AfDB) Group and the Ministry of Economy and Finance of the Republic of Korea. AfDB’s president, Dr. Akinwumi Adesina will lead a delegation to the conference.

African finance ministers and executive directors of the AfDB representing African member countries, African ambassadors, heads of pan-African institutions, and various non-governmental organizations, will participate in the conference. Also expected will be African CEOs and leaders of the Korean private sector.

The meetings will provide a platform to unlock new opportunities to strengthen the relationship between Africa and Korea in the post-pandemic era.

In addition to the KOAFEC Business Forum, other key conference activities will include a ministerial round table and KOAFEC knowledge events.

Korea joined the African Development Fund (ADF), the bank group’s concessional lending window in 1980, joining the African Development Bank 2 years later.

This year, the Bank and Korea celebrate the 40th anniversary of Korea joining the African Development Bank. Korea also contributes to the Bank’s capacity building efforts in African member countries through the KOAFEC Trust Fund. As of December 31, 2022, total contributions to the KOAFEC Trust Fund stood at $108.04 million.

Notably, AfDB’s cooperation with Korea’s Economic Development Cooperation Fund (EDCF) has strengthened over the years. As an example of recent cooperation, the Bank and Korea signed in May 2021 a $600 million agreement to provide support to the energy sector through joint and parallel financing, called the Korea-Africa Energy Investment Framework (KAEIF).

The bank and Korea are currently reviewing a number of projects to be financed under the KOAFEC Trust Fund and have approved a first project under the framework for electricity transmission.

The KOAFEC Ministerial Conference is a key event aimed at cementing Korea’s support to the development of the African continent.