Korea and Africa rally additional finance and technology for energy and food security
The 7th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference opened in Korea’s second-largest city, Busan, on Wednesday with a strong call for additional resources to help African countries achieve universal access to energy and transform the continent into the breadbasket of the world.
The conference is taking place at a time when Africa is facing a plethora of challenges. Nearly 600 million people on the continent have no access to electricity. In addition, despite rapid growth across the continent, hunger is still pervasive in some countries, affecting some 283 million people. The Russia-Ukraine war has exacerbated this figure. So also has the lingering effects of the Covid-19 pandemic and climate change.
This is why Korea and African nations, under the aegis of KOAFEC, have agreed to deepen their cooperation with much more emphasis on mutually beneficial investment.
The African Development Bank Group and the Ministry of Economy and Finance of the Republic of Korea are co-hosting the three-day conference under the theme “Embracing a Sustainable Future: Just Energy Transition and Agricultural Transformation in Africa.” This embraces these two critical development priorities for Africa.
Korea’s Deputy Prime Minister and Minister of Economy and Finance, Kyungho Choo, underlined the crucial role that Korea and Africa must play. He highlighted Korea’s strength in high-tech industry and innovative technology. He also pointed to the great many opportunities that Africa offered as the world’s future market and industrial base with a vibrant young population.
“Together, our two worlds can become the most solid rock of solidarity,” he told the meeting, stressing the need for Africa and Korea to strengthen cooperation.
In his opening remarks, African Development Bank Group President Akinwumi Adesina urged delegates to seize the conference as a critical opportunity to galvanise support for several objectives: achieving universal energy access in Africa, advancing a just energy transition and transforming the African continent into the breadbasket of the world.
“Doing so will require additional resources,” Adesina said. He said the anticipated reallocation of the International Monetary Fund Special Drawing Rights (SDRs) to the African Development Bank was the key to attracting additional resources to develop Africa.
The African Development Bank chief urged Korea to join other countries that have expressed strong interest in reallocating SDRs to the African Development Bank Group.
“This will be a game changer for Africa’s development,” Adesina declared.
Choo summarised Korea’s priority areas for support to Africa as “ABC”—agriculture, bio-health, and climate change, as well as energy transition. He said Korea also planned to significantly increase its official development assistance.
Choo said that in cooperation with the African Development Bank, Korea supported energy projects for Africa’s sustainable development. “We are also working to support Africa’s growth as outlined in the African Development Bank’s High 5s development priorities,” Choo said. “As a true partner, Korea will continue to support Africa’s development,” he said.
Adesina described the KOAFEC conference as a good opportunity to discuss progress on relations between Korea and Africa, development challenges and opportunities in Africa, and a chance for all parties to continue to work together to accelerate the growth and development of Africa.
“Africa must be a solution to feeding the world, as it has 65% of the uncultivated arable land left in the world,” he told delegates, adding: “What Africa does with agriculture will therefore determine the future of food in the world.”
Adesina commended the Korean government for its K-Rice Belt initiative, which will support eight African countries in producing 30 million tons of rice.
The initiative aligns with the African Development Bank’s Feed Africa strategy and the outcome of Dakar 2 Food Summit early this year. The Bank is intent on Africa achieving food self-sufficiency within five years.
The K-Rice belt project also has parallels with the African Development Bank’s flagship Technologies for African Agricultural Transformation (TAAT) programme. The TAAT Rice Compact continues to collaborate with the Korea-Africa Food and Agriculture Cooperation Initiative (KAFACI) through AfricaRice. TAAT supports KAFACI’s network of 13 African countries through workshops, joint planning, and regular interaction.
The African Development Bank has launched a $650 million rice programme to support 15 African countries in their quest to produce 53 million tons of rice by 2025.
