On September 10, the Ministry of Finance and Economy (MOFE) held the second-day events of the 8th Korea-Africa Economic Cooperation (KOAFEC)* Ministerial Conference at the Grand Walkerhill Seoul. Building on the previous day’s ministerial roundtable, where the two sides set out the direction and implementation framework for Korea-Africa economic cooperation centered on AI and digital transformation through the Joint Declaration and the 2027/28 KOAFEC Action Plan, the second day focused on translating intergovernmental cooperation into concrete business opportunities for the private sector through a business roundtable, Business Innovation Forum, Investment Promotion and 1:1 Business Meetings.
* An economic cooperation framework launched in 2006 to promote high-level economic policy dialogue and identify development cooperation projects between Korea and Africa.
1. Seeking Ways to Enter African Markets with Korean Companies
That morning, Second Vice Minister of Finance and Economy Huh Chang met with Korean institutions and companies that are either conducting business in Africa or seeking to enter African markets. During the meeting, he heard updates on their business activities in Africa, the challenges they face and their policy recommendations for identifying future business opportunities. The meeting brought together representatives from Hyundai Motor Company, POSCO INTERNATIONAL and the Korea Water Resources Corporation (K-water), among others. Participants proposed measures such as financial support, the expansion of public-private cooperation platforms and the identification of infrastructure projects linked to existing investments, while sharing specific support needs and investment ideas from the field. Vice Minister Huh said, “Based on the views shared today, we will work to turn them into practical support measures by linking various development cooperation instruments, including the KOAFEC Trust Fund and the Economic Development Cooperation Fund (EDCF).”
2. Exploring Private-Sector Cooperation from AI Infrastructure to Startups
The KOAFEC Business Innovation Forum was then held to expand private-sector participation in Korea-Africa development cooperation and discuss AI-driven industrialization. Under the theme “Africa’s AI-driven industrialization: From power and data center infrastructure to startup ecosystems,” the forum brought together around 200 representatives from governments, international organizations and businesses in Korea and Africa. In particular, around 90 Korean companies with a strong interest in investing in Africa participated in the forum to explore opportunities to enter African markets.
In his welcoming remarks, Vice Minister Huh emphasized the need to turn the AI and digital cooperation discussed at the previous day’s ministerial meeting into concrete cooperation at the industry and business levels, and outlined government support measures to help Korean companies enter Africa’s AI market. He highlighted plans to support the application of Korean companies’ technologies in large-scale development cooperation projects through the K-AI Package, which combines EDCF-financed infrastructure with AI solutions, AI data centers and power supply facilities. He also stressed that the government will link various development cooperation instruments, including the KSP and the KOAFEC Trust Fund, to expand opportunities for follow-up projects.
The first session of the forum focused on ways to build essential infrastructure, including power and data centers, to support AI adoption in Africa. A range of cases from Korea and Africa were shared, covering national AI roadmaps, data center development, the use of AI in the power sector and smart customs clearance. The second session explored sustainable cooperation measures from talent development to startup support, with a focus on building an AI ecosystem that links education, technological training and entrepreneurship. Vice Minister Huh said, “I hope today’s forum will provide an opportunity for Korean and African companies to better understand each other’s technologies and needs, connect with new partners, and turn ideas in the AI sector into concrete projects and investments.”
Vice Minister Huh then met with Mozambique’s Deputy Minister of Finance Amílcar Tivane and signed a Memorandum of Understanding (MOU) on Policy Cooperation and Knowledge Sharing in the Natural Resources Sector between Korea and Mozambique. Under the MOU, the two countries will share information on natural resource-related policies and institutions, as well as the business environment, and incorporate challenges faced by businesses on the ground and their policy needs into KSP policy advisory support to enhance its effectiveness. The MOU is also expected to help translate bilateral cooperation in the natural resources sector into tangible outcomes by leveraging KSP results to identify follow-up projects and facilitate investment by Korean companies.
3. Identifying Business Opportunities through Investment and Procurement Information and Business Matching
In the afternoon, Investment Promotion and 1:1 Business Meetings were held to turn the areas of cooperation discussed at the forum into viable projects. During the Investment Promotion session, the African Development Bank (AfDB) presented its project pipeline and procurement procedures in the AI and digital infrastructure sectors to Korean companies, while participating African countries outlined their major development plans and investment opportunities. Kenya highlighted the Konza Technopolis development plan and investment environment, and Tanzania outlined plans to develop AI and digital clusters in Dar es Salaam and Dodoma. Companies also shared their investment experience in Africa, including POSCO INTERNATIONAL’s graphite mine development in Tanzania and Korea Gas Corporation (KOGAS)’s LNG development in Mozambique. Around 80 Korean companies attended the Investment Promotion, demonstrating strong interest in entering African markets.
At the 1:1 Business Meetings, Korean companies seeking to enter African markets were directly connected with representatives from African governments and organizations to discuss business needs and potential areas for cooperation across various sectors, including infrastructure, transportation and construction. In one notable case, Korea Railroad Corporation (KORAIL) explored potential cooperation in Rwanda’s railway sector with Rwandan government officials. In total, 22 Korean companies exchanged specific business information with local counterparts and identified prospective partners for future projects.
MOFE will work to turn the collaboration needs and business opportunities identified through the day’s business roundtable, Business Innovation Forum, Investment Promotion and 1:1 Business Meetings into practical results. To this end, the government will link the KOAFEC Trust Fund, the KSP, EDCF and development financing from the AfDB to develop cooperation between Korean and African companies into concrete projects.
Meanwhile, on September 11, the African delegation will take part in an industrial site visit and cultural tour, including visits to Korean AI companies and related industrial sites such as Hanwha Vision, FuriosaAI, Rebellions and Daedong Corporation. The delegation will have an opportunity to see firsthand Korea’s technological capabilities and industrial development experience and explore potential areas for future cooperation. The official program of the 8th KOAFEC Ministerial Conference will conclude with these activities.
Please refer to the attached files.
