2018 KOAFEC

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Introduction

The Korea-Africa Economic Cooperation (KOAFEC) was established in 2006 as a major platform to drive Korea’s development initiatives in Africa. The KOAFEC secretariat facilitates and coordinates development programs, while the Consultative Group, comprised of African Development Bank’s Executive Directors provides advices to the secretariat and reviews the Action Plan. The KOAFEC aims to deliver concrete results through the indicative investment projects identified in its Action Plan in 6 main cooperation areas, namely: energy and infrastructure, ICT, human resources development, agricultural development, green growth support, and sharing of Korea’s development experiences. The two main building blocks of the KOAFEC are the Ministerial Conference and the Public-Private Partnership Forum.


Ministerial Round Table

The KOAFEC Ministerial Round Table is the largest intergovernmental gathering represented at the highest level, bringing together Ministers of economy from African countries, the President of the African Development Bank, African delegations (key figures of government ministries), and international organizations in Africa such as the African Union. It is held every two years with the objective to promote high-level policy dialogue on Korea-Africa cooperation.

Public-Private Partnership Forum

The private sector is now widely acknowledged as a key partner in development. The fifth KOAFEC Ministerial Conference held in 2016, revisited the paradigm of the Conference, seeking to create a broad based partnership by launching its first Public-Private Partnership (PPP) Forum, bringing together business representatives from Korea and Africa alongside governments. Since then, the PPP Forum has become a representative program of the KOAFEC.

History of the KOAFEC Conference

2006 ~ 2018
2006
March Announcement of "Korea's initiatives for Africa's development"
Actively promoted economic cooperation with Africa, which has the potential to become the next engine of growth for the worlds’ economy April 1st KOAFEC Ministerial Conference(Korea-Africa Economic Cooperation Ministerial Conference)
Established of KOAFEC Consultative Group Maintained a cooperative momentum and announced a joint statement demanding an institutional strategy for KOAFEC’s sustainable operation
2008
October 2nd KOAFEC Ministerial Conference(Korea-Africa Economic Cooperation Ministerial Conference)
Established the foundation for resource diplomacy and greatly contributed to invigorating economic cooperation between Korea and AfricaAdopted 2008 KOAFEC Seoul Initiative and approved KOAFEC Action Plan for 2009 & 2010
2010
July 3rd KOAFEC Ministerial Conference(Korea-Africa Economic Cooperation Ministerial Conference)
Announced the overall government-wide "Korea-Africa Economic Cooperation Invigoration Plan"Adopted 2010 KOAFEC Joint Statement and approved KOAFEC Action Plan for 2011 & 2012
2012
October 4th KOAFEC Ministerial Conference(Korea-Africa Economic Cooperation Ministerial Conference)
Maximized the synergy effect by holding Africa-related events hosted by Ministries concerned including KOAFEC during the Korea-African cooperative weekAdopted 2012 KOAFEC Joint Statement and approved KOAFEC Action Plan for 2013 & 2014
2014
September Postponed due to the Ebola outbreak in West Africa after mutual agreement with the African Development Bank
2016
October 5th KOAFEC Ministerial Conference(Korea-Africa Economic Cooperation Ministerial Conference)
Revised the paradigm of the Conference to create a broad based partnership by launching its first Public-Private Partnership Forum, bringing together business representatives from Africa and Korea alongside governments
2018
May 2018 KOAFEC Conference(Korea-Africa Economic Cooperation Conference)
Expects the largest participation from Africa by being held alongside the 2018 Annual Meetings of the African Development BankAdoption of 2018 KOAFEC Joint Statement and confirmation of KOAFEC Action Plan for 2019 & 2020