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, Africa to bolster private sector cooperation under market-driven economic vision
First Vice Finance Minister Kim Byoung-hwan gives a welcoming speech during the 2023 Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference's business forum at Ananti Hilton Busan hotel, Thursday. Courtesy of Ministry of Economy and Finance
By Yi Whan-woo
By Yi Whan-woo
BUSAN ― Korea will bolster cooperation with the African private sector, in line with a market-driven economic vision addressed by President Yoon Suk Yeol, First Vice Finance Minister Kim Byoung-hwan said Thursday.
In a welcoming address at a private business forum of the 2023 Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference in Busan, he said Korea will focus on facilitating the African private sector's participation in official development assistance (ODA) policy.
“The Korean government, since last year (after Yoon's inauguration), is firmly holding onto the principle of free market economy to restructure the country's economic fundamentals to be centered on the private sector,” the vice minister said. “Accordingly, our cooperation with international partners, including African countries, will be based on such policy direction.”
Specifically, the ODA through the Economic Development Cooperation Fund (EDCF) will be “diversified to make direct support for the private enterprises in accordance with their needs,” Kim said.
The EDCF is a program aimed at helping build basic infrastructure in developing countries.
Participants to the 2023 Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference's business forum listen to the welcoming speech by First Vice Finance Minister Kim Byoung-hwan at Ananti Hilton Busan hotel, Thursday. Courtesy of Ministry of Economy and Finance
The vice minister said cooperation with the African Development Bank and other pan-African organizations will be strengthened to explore prospective projects.
Other aid initiatives, such as the KOAFEC Trust Fund and the Knowledge Sharing Program, will also be utilized to reach the goal of stronger support for the private sector, he explained.
“In that regard, Korea looks forward to sharing with Africa its experience of a once-government led economy developing into a market-driven economy,” he added.
Touching on the forum's topic of agriculture, Kim said the K-Ricebelt Project with eight African countries is expected to “set an example” of cooperation within the private sector.
The K-Ricebelt Project is aimed at providing eight African countries with new rice strains and sharing Korea's farming know-how to ensure sustainable food production.
He said growing trade opportunities can create more jobs and business, especially with the African Continental Free Trade Area (AfCFTA), the intra-Africa economic bloc that took effect in 2021.