South Korea and African countries are elevating their economic cooperation to focus on artificial intelligence, digital infrastructure and technology-driven investment, marking the 20th anniversary of the Korea-Africa Economic Cooperation (KOAFEC) partnership.
At the 8th KOAFEC Ministerial Conference in Seoul from the 8th to the 11th of September, 2026, officials from finance and ICT ministries of 45 African countries joined Korean government representatives, the African Development Bank (AfDB), investors and tech companies under the theme “Harnessing AI and Digital Infrastructure for Africa’s Transformation”.
Participants adopted a joint declaration for 2026 KOAFEC and prepared a 2027/28 KOAFEC Action Plan setting out the direction of cooperation over the next two years. The plan prioritises expanding AI infrastructure, deploying sector-specific AI solutions and fostering AI talent, packaged into concrete initiatives such as the “K-AI Package”.
Thirteen new trust fund projects were approved in seven fields: AI and digital, urban development, education and capacity building, agriculture, energy, environment and health. These projects will be implemented through the KOAFEC Trust Fund, which has become the AfDB’s largest active bilateral trust fund, with South Korean contributions reaching $132.82 million as of May 2026.
A centrepiece of the summit was the signing of a letter of intent between South Korea’s Ministry of Economy and Finance and the AfDB to establish a Korea-Africa AI Hub in Korea. The hub will combine Seoul’s AI capabilities with the AfDB’s African network to promote AI transformation on the continent, supporting applied research, knowledge-sharing, training for public decision-makers and digital skills development.
AfDB President, Sidi Ould Tah and Korean Deputy Prime Minister and Finance Minister, Koo Yun-cheol said the hub is intended to help African countries improve productivity, business competitiveness and public service delivery, while ensuring that access to new technology is matched by the ability to use it effectively.
Beyond intergovernmental agreements, the conference included a business roundtable, Business Innovation Forum and 1:1 meetings designed to translate cooperation frameworks into concrete opportunities for Korean and African companies. Korea Eximbank announced plans to expand financing for AI and digital infrastructure projects and support Korean firms entering African markets.
Prime Minister Han Duck-soo said Korea is ready to work with African nations to share its AI and digital expertise with the continent’s growth potential for “shared prosperity”, while African ministers stressed the need to integrate more deeply into global value chains through technology and innovation
Africa Presents is a Pan-African digital magazine and monthly publication covering politics, business, economy, culture, tech, and the stories shaping Africa and its diaspora. Visit africapresents.com and follow @AfricaPresents for daily coverage and monthly themed magazine editions.
Leave a comment