8th KOAFEC Opens in Seoul: Record Attendance with Over 800 Participants Including Ministers from 45 Countries

Deputy Prime Minister Koo Yoonchul Meets AfDB President
Hopes for Korean Firms to Expand Local Presence and Win Contracts

A landmark event for economic cooperation—seeking to reform Africa’s economic structures by leveraging South Korea’s advanced artificial intelligence (AI) and digital technologies—opened in Seoul, marking the largest such gathering in history.

Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-chul is speaking at the expanded executive meeting of the Ministry of Finance and Economy held on the 7th at the central building of the Government Complex in Sejong. Yonhap News.

The Ministry of Strategy and Finance announced on September 8 that, together with the African Development Bank (AfDB) and the Export-Import Bank of Korea, it will host the “8th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference” at the Grand Walkerhill Hotel in Gwangjin-gu, Seoul, from September 8 to 11. KOAFEC, launched in 2006, is a key high-level economic cooperation platform between Korea and Africa, and this year marks its 20th anniversary.

This year’s conference brought together over 800 participants, including finance ministers from 45 African countries, government delegates, heads of international organizations, and private-sector representatives—making it the largest edition to date. This surge in participation underscores the heightened expectations for Korea’s economic stature and technological partnership within Africa, as the continent emerges as a global resource hub and a vast new market.

Seeking a Major AI-based Transformation... Full Mobilization of EDCF and KSP for Comprehensive Support

The main theme of this year’s assembly is “Africa’s Grand Transformation through AI and Digital Infrastructure.” The strategy goes beyond traditional aid, aiming to transfer Korea’s advanced digital technologies and development know-how in order to boost local productivity and fundamentally enhance the quality of public and industrial services across Africa.

Prior to the opening of the conference, Deputy Prime Minister and Minister of Strategy and Finance Koo Yoonchul held a pre-event meeting with Sidi Ould Tah, the newly appointed president of the African Development Bank, on the morning of the 8th to intensively discuss concrete plans for collaboration.

Koo welcomed Tah on his first official visit to Korea since taking office and proposed, “Let us seize the occasion of KOAFEC’s 20th anniversary to significantly expand our cooperation and pursue tangible results together.” The two sides agreed to establish AI and digital technology as the new key pillars of partnership, and to actively connect all main government-sponsored international assistance tools—including the KOAFEC Trust Fund, the Economic Development Cooperation Fund (EDCF), and the Knowledge Sharing Program (KSP)—in order to support Africa’s industrial transformation.

Urging Robust Support for Domestic Infra & AI Companies in Securing Local Projects

Strong calls were also made to boost support for Korean firms in winning and expanding local contracts. Deputy Prime Minister Koo requested that more business information and procurement opportunities be shared to enable Korean companies—with their expertise in digital infrastructure, power grids, smart cities, water resources, transportation, and AI solutions—to participate in African Development Bank projects on a large scale. He also repeatedly urged that robust channels be opened for close coordination with local governments and partner firms.

As a result, this event is being operated as a business platform that produces substantial procurement and investment results, going beyond intergovernmental policy discussions. On September 9, the main agenda is the ministerial roundtable, where participants will engage in in-depth discussions on building digital infrastructure and introducing AI, followed by the adoption of a joint statement. On September 10, a business innovation forum, investment briefing session, one-on-one business meetings, and field discussions with Korean firms advancing into Africa will be held in succession, further supporting private-sector cooperation.

On the final day, September 11, African delegations will visit leading Korean AI companies and industrial sites to assess the viability of adopting the Korean technology ecosystem on the ground.

This content was produced with the assistance of AI translation services.