KOAFEC meetings connect Korean technology companies with African governments and institutions
The Export-Import Bank of Korea will step up economic cooperation with African countries while supporting domestic companies seeking to expand into local markets, the policy lender announced Friday.
During the 8th Korea-Africa Economic Cooperation Ministerial Conference held Wednesday and Thursday, Korea Eximbank held bilateral meetings with the Botswana Vice President Ndaba Nkosinathi Gaolathe and finance ministers from Tanzania, Kenya, Rwanda, Ghana, Egypt, Uganda, Zimbabwe, Lesotho and Sierra Leone.
This year's conference focused on transformation through artificial intelligence and digital infrastructure in Africa, exploring ways to foster sustainable growth and expand economic cooperation.
Senior officials from African countries shared their respective development priorities and needs. Korea Eximbank discussed ways to expand economic cooperation through the Economic Development Cooperation Fund and facilitate the participation of Korean companies in local projects.
Follow-up measures for Tanzania's Artificial Intelligence and Digital Technology Training Institution project, approved in August as the EDCF's first AI-related project, were also discussed.
On Thursday, Korea Eximbank also arranged an investment briefing to connect Korean companies with African governments and institutions, introducing promising local projects and investment opportunities.
Officials from the African Development Bank, government officials of Kenya and Tanzania, representatives involved in investment projects in Ghana, and Korean companies, including AI startups FuriosaAI and Rebellions, attended the event.
"The KOAFEC meeting has further broadened economic cooperation with Africa into areas of strategic importance to the Korean government's economic strategy, including AI and digital technologies, culture and supply chains," Korea Eximbank Chairman and President Hwang Ki-yeon said.
"It is Korea Eximbank's role to translate government-to-government cooperation into concrete projects and connect them to Korean companies."
KOAFEC was launched in 2006 as a platform to strengthen economic and development cooperation between Korea and Africa. It is jointly hosted by Korea's Finance Ministry, Korea Eximbank and the African Development Bank.
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