Restart of Korea-Africa Economic Cooperation... Ministerial Meeting Held After 5 Years

The 7th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Meeting will be held in Busan for four days starting from the 12th.

This meeting will be attended by 18 ministers and 20 vice ministers or equivalent officials from 38 African countries. The meeting was suspended due to the spread of COVID-19 since the 2018 meeting but is being resumed this year to mark the 40th anniversary of Korea's membership in the African Development Bank (AfDB).

On the first day of the event, the Ministry of Economy and Finance will hold annual consultations with the AfDB and the Export-Import Bank of Korea. On the 13th, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho will preside over a ministerial roundtable meeting. A joint declaration reflecting the meeting results will also be announced. On the same day, a signing ceremony for the KOAFEC trust fund contribution between the Deputy Prime Minister and the AfDB President, as well as bilateral meetings between the Deputy Prime Minister and African finance ministers, will take place.

On the 14th, discussions will focus on private sector cooperation measures, including the participation of Korean companies in African projects. Kim Byung-hwan, the 1st Vice Minister of the Ministry of Economy and Finance, will deliver a welcoming speech. On the 15th, ministers and delegations from various African countries will tour the Busan North Port promotional center, which is planned as the site for the Busan World Expo.

The Ministry of Economy and Finance stated, "Taking this ministerial meeting as an opportunity, we plan to finalize and announce a financial cooperation package through the Economic Development Cooperation Fund (EDCF), export finance support for infrastructure construction projects, trust funds, and the Knowledge Sharing Program (KSP) for sharing economic development experiences."

Deputy Prime Minister for Economy Choo Kyung-ho is giving a speech at the Emergency Economic Ministers' Meeting and Export Investment Measures Meeting held at the Seoul Government Complex on the 4th. Photo by Jo Yong-jun