More than 30 African nations will participate in the 4th Korea Africa Economic Cooperation (KOAFEC) Ministerial Conference, which will take place from October 15 to 18,2012 in Seoul, South Korea.
Since the first meeting in Seoul in 2006, KOAFEC has progressed into a highly recognized channel for economic cooperation and receives the support of its co-organisers, including the African Development Bank
This year marks the 4th KOAFEC Ministerial Conference, with participants from more than 30 African nations and Korea private and public sectors, as well as academia.
The theme of this year’s conference focuses on ‘inclusive and green growth,’ and the program will include the ministerial roundtable, bilateral meetings of ministers, economic cooperation seminars, African countries’ investor relation activities, and one-on-one business meetings.
AfDB Senior Management and Executive Directors from Regional Member Countries will attend all the conference activities. The conference outcomes are expected to increase inclusive economic growth of African countries through the application of Korea’s development approaches and knowledge on inclusive growth in sectors such as human resource development, infrastructure, energy, information technology, agriculture and green growth; and to enhance political and economic cooperation between Africa and Korea through increased trade, investment and dialogue.
The partnership between the African Development Bank Group and the Republic of Korea began in 1980, when Korea joined the African Development Fund (ADF) in 1980 and the African Development Bank (AfDB) in 1982.
In 2009, Korea provided a temporary AfDB capital increase of US $306.1 million and supported in 2010 the historic General Capital Increase (GCI) VI of 200 per cent and ADF-XII replenishment amounts of US$53.86 million (KRW 94.77 billion) representing an increase of 66 per cent from its ADF-XI contribution.
At the recently concluded ADF-12 Mid Term Review in Cape Verde, Korea played an active role in the discussions and highlighted the Bank’s focus on energy and natural resources, including the role of PPPs in infrastructure development.
The conference remains the biggest event co-organized between Africa and Korea.