Finance ministry to co-host Korea-Africa economic cooperation meeting

The finance ministry said it will jointly host the eighth Korea-Africa Ministerial Economic Cooperation Conference (KOAFEC) with the African Development Bank and the Export-Import Bank of Korea in Seoul from Sept. 8 to 11 to discuss artificial intelligence and digital cooperation.

The conference will be held under the theme "Harnessing AI and Digital Infrastructure for Africa's Transformation." The African Development Bank estimates that broad use of AI could create up to $1 trillion in additional gross domestic product across Africa by 2035.

The conference marks 20 years of Korea-Africa economic cooperation. KOAFEC, established in 2006, uses an African Development Bank trust fund for feasibility studies, knowledge-sharing and technical-assistance projects. "Africa is the world's youngest continent and an important partner with which to grow," a Finance Ministry official said. "We will strengthen mutually beneficial cooperation so AI and digital technology can create new growth opportunities for both sides."

Finance ministers from 54 African countries, information and communications technology ministers from major countries and African Development Bank officials have been invited. Participants will share policy experience and seek projects involving digital infrastructure, Korean AI solutions for health, agriculture and education, and public-service innovations such as digital identification and smart administration.

The program will also include a business innovation forum, specialist seminars, one-to-one business meetings, exhibition booths and investment briefings. The exhibitions will promote AI solutions and data-center companies, while Kenya and Tanzania will give investment briefings to Korean companies.