Korea will share its know-how with African countries regarding the global transition to low-carbon energy and food security, during the 2023 Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference, which started in Busan, Tuesday.
Co-hosted by the Ministry of Economy and Finance, the African Development Bank (AfDB) and the Export-Import Bank of Korea (Eximbank), the seventh KOAFEC Ministerial Conference is taking place as global warming accelerates and wider use of renewable energies is becoming more crucial against the irreversible damage caused by climate change.
Producing and securing enough food is also a shared interest regardless of region due to changing and more severe weather.
As addressed in its 2024 budget plan, Korea is eager to become a more responsible donor country and has, therefore, earmarked a record-high 6.8 trillion won ($5.2 billion) for official development assistance (ODA).
Against this backdrop, the conference’s key theme will be, Embracing a Sustainable Future: Just Energy Transition and Agricultural Transformation in Africa.
In particular, the conference’s programs have been designed to address the transition to low-carbon energy and food security-related issues in Africa and to explore Korea’s linkages in both areas.
“The KOAFEC Ministerial Conference is a key event aimed at cementing Korea’s support to the development of the African continent,” the AfDB said, assessing that the event “has progressively become an important platform for Korea-Africa economic and diplomatic relations.”
It also assessed that, given Korea’s position as a global export-oriented and industrial powerhouse, the conference is expected to “deepen collaboration between Korea and Africa to promote socio-economic development in line with the U.N. Sustainable Development Goals and the bank’s High 5 priorities.
Headquartered in the Cote d’Ivoire, the bank was referring to its five prioritized goals: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa and Improve the Quality of Life for the People of Africa.
The conference opened at the Ananti Hilton Busan hotel, Tuesday, with an annual consultative group meeting ― a closed-door session.
Major programs are concentrated on Wednesday, with the highly-anticipated presence of hundreds of high-level officials, including finance ministers, from Korea, 38 African countries, the AfDB and other pan-African international organizations.
CEOs of private businesses from Korea and African countries will join them.
Among the dignitaries are Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, AfDB President Akinwumi Adesina and Eximbank Chairman and President Yoon Hee-sung.
Wednesday’s schedule includes a ministerial roundtable, an AfdB president-hosted luncheon, a signing ceremony, a seminar, bilateral ministerial talks and a welcoming dinner hosted by the Korean finance minister.
Bilateral ministerial talks and a seminar will continue on Thursday. A business forum and one-on-one business meetings are also scheduled on the same day to connect entrepreneurs from Korea and Africa and help them explore business opportunities.
Busan Mayor Park Heong-joon will host Thursday’s luncheon, while the Eximbank president will host a gala dinner.
Cultural experience programs and a field trip to Busan’s venue for the 2030 World Expo are scheduled on the fourth and last day of the conference.
While the conference was held every two years, the 2023 gathering is taking place five years after being suspended due to the COVID-19 pandemic.
The AfDB said that the Busan meeting, therefore, “marks an exciting resumption to an all-in-person event.”
Korea consistently contributes to the AfDB’s capacity building efforts for its African member countries through the KOAFEC Trust Fund. As of 2022, the total contribution to the KOAFEC Trust Fund stood at $108.04 million.