Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Korea and Africa partner on sustainable agriculture and bio health projects
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho gives a speech during the opening ceremony of the 2023 Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference at Ananti Hilton Busan hotel, Wednesday. Courtesy of Ministry of Economy and Finance
By Yi Whan-woo
Finance minister requests Africa's support for Busan's World Expo 2030 bid
By Yi Whan-woo
BUSAN_ Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho proposed innovative agricultural methods, bio health and climate change response as three areas of cooperation between Korea and African countries to strengthen solidarity in his opening speech at the 2023 Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference in Busan, Wednesday.
The minister also asked African countries to support Busan's bid to host World Expo 2030.
Co-hosted by the Ministry of Economy and Finance, the African Development Bank (AfDB) and the Export-Import Bank of Korea (Eximbank), the four-day conference is taking place at Ananti Hilton Busan hotel, under the theme of “Just Energy Transition and Agricultural Transformation in Africa.”
Although the conference started on Tuesday, major events, including the opening ceremony, were concentrated on Wednesday.
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, right, shakes hands with African Development Bank (AfDB) President Akinwumi Adesina during the opening ceremony of the 2023 Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference at Ananti Hilton Busan hotel, Wednesday. Courtesy of Ministry of Economy and Finance
“Korea and African countries as a whole are becoming increasingly important in the international community as the global economy underwent turbulent changes in the last five years with the COVID-19 pandemic and pandemic-induced challenges,” the minister said.
The last time the biennial conference, which started in 2006, took place was in 2018 and had been suspended due to the pandemic.
The minister said the restructuring of the global supply chain, the re-emergence of trade protectionism, global health crisis, a greater reliance on digital technology, and acute signs of climate change are among the challenges that emerged during and after the pandemic.
Under the circumstances, Korea, with its cutting-edge and innovative technologies, has emerged as a “(technological) platform for international cooperation,” according to Choo.
He said African countries have emerged as “an enormous market and a central base of production” with their high growth potential, abundant natural resources and the world's youngest population. He added that cooperation in innovative agricultural methods, bio health and climate change will be effective in strengthening Korea-Africa solidarity.
In a separate speech, AfDB President Akinwumi Adesina thanked Korea's support for Africa, saying the projects that are part of the aid “would be a big game changer for Africa and the continent's development excellence.”
Participants of the 2023 Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference listen to Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho during the opening ceremony at Ananti Hilton Busan hotel, Wednesday. Courtesy of Ministry of Economy and Finance
The deputy prime minister highlighted the “K-rice belt” project, which is an initiative providing eight African countries with new rice strains and sharing Korea's farming know-how to ensure sustainable food production.
The eight African countries are, Gambia, Ghana, Guinea and Guinea-Bissau and Senegal in West Africa, Cameroon in Central Africa and Kenya and Uganda in East Africa.
Carried out by the Korea Program on International Agriculture (KOPIA), “K-rice belt” is a part of the Asian country's official development assistance (ODA) program.
Adesina noted that the Korean finance minister “presents an excellent opportunity for Korea to work together with the AfDB” and explained that the bank also launched its own project to produce 53 million tons of rice in 15 member states by 2025.
Touching on bio health, Choo underscored Korea's donation of vaccines to African countries through the African Union (AU) during the pandemic.
He promised to support building hospitals and other health infrastructure in Africa through the Economic Development Cooperation Fund (EDCF), a program aimed at helping build basic infrastructure in developing countries.
To help African countries combat climate change and transition to green energy, the minister said Korea plans to provide $600 million for five years under the Korea-Africa Energy Investment Framework (KAEIF) signed with the AfDB in 2021.
The AfDB chief underscored the development of natural gas in Africa, which holds a significant proportion of the world's reserves.
“Africa must not be denied the opportunity to use natural gas,” he said, noting the continent's share of cumulative global carbon emissions has only been 3 percent since 1890 and that it would add only 0.5 percent to the total amount of emissions even it can use all of its natural gas supplies to complement renewable energies.
The minister also said Busan's World Expo 2030 bid, if realized, can help the world learn from Korea's rapid economic industrialization experience and also provide solutions to global challenges.
“In particular, I believe Korea-Africa cooperation can be deepened through the Busan expo, and in that regard, I ask all of you to support the city's bid and help the two sides form a reciprocal and future-oriented partnership,” he said.
Meanwhile, hundreds of participants attended the opening ceremony. They included finance ministers and vice ministers from 38 African countries, officials from the AfDB and other pan-African international organizations and entrepreneurs from Korea and Africa.