8th Korea-Africa Economic Cooperation Conference adopts joint declaration
13 trust fund projects approved across 7 sectors including AI and digital technology
K-AI Cloud Voucher program launched to support African startups
The government will establish an "AI Hub" — a dedicated platform for AI cooperation — at the African Development Bank. The hub will connect the technology of South Korean AI companies with demand on the ground in Africa, while providing African startups with cloud infrastructure and AI services from Korean firms.
The Ministry of Economy and Finance said Wednesday it held the main session of the 8th Korea-Africa Economic Cooperation Conference at the Grand Walkerhill hotel in Gwangjin-gu, Seoul. The conference, marking its 20th anniversary, drew ministerial-level officials in finance and information and communication technology from 45 African countries.
Participating countries discussed the future direction of Korea-Africa economic cooperation under the theme "Africa's Great Transformation Through AI and Digital Infrastructure," and adopted the "2026 KOAFEC Joint Declaration."
The declaration calls for expanded cooperation in industrialization, education, health and agriculture, centered on AI ecosystems and digital infrastructure. Both sides also agreed to draw up a "2027-2028 KOAFEC Action Plan" outlining specific project directions for the next two years.
The conference also approved 13 KOAFEC trust fund projects across seven sectors — AI and digital technology, urban development, education and capacity building, agriculture, energy, the environment and health. Korean institutions and companies specializing in AI and digital innovation will take part as partner organizations, applying Korean technology and experience to development efforts on the ground in Africa.
The government and the African Development Bank also signed a letter of intent to establish a Korea-Africa AI Hub, creating a dedicated platform to sustain AI cooperation between the two sides. Under the agreement, the AI Hub will be set up at the bank, linking South Korea's AI capabilities with the bank's network across Africa.
With the African Development Bank's new participation, the government's AI cooperation network with multilateral development banks now extends into Africa. The network includes the World Bank, the Asian Development Bank, the Inter-American Development Bank, the European Bank for Reconstruction and Development and the Central American Bank for Economic Integration.
The government is also stepping up private-sector cooperation. Using the KOAFEC trust fund, it opened a K-AI Cloud Voucher office to provide African startups with cloud infrastructure and technology built on Korean companies' GPUs and NPUs.
On the Korean side, Elice Group will provide AI cloud services, while Health on Cloud and Baro AI, among others, will join African startups in developing technology and services. The government plans to select additional participating companies and support business matching and the creation of joint ventures.
Cooperation plans with individual countries were also fleshed out. Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol discussed industrial diversification and cooperation on critical mineral supply chains with Botswana, centered on the country's Economic Transformation Program.
With Tanzania, he reviewed progress on the Tanzania AI and Digital Technology Training Institute Project, the first pilot project under the K-AI package. The project involves establishing an advanced technology training institute to develop specialists in AI, robotics, data analytics and the internet of things. It also includes support for training and practical equipment, network infrastructure and curricula.
"We will flesh out Korea-Africa AI cooperation with a focus on expanding AI infrastructure, applying AI solutions across sectors and training AI talent," Koo said.
Meanwhile, a KOAFEC business innovation forum, investment briefings for individual African countries and one-on-one business meetings between Korean and African companies will be held Thursday. The government and companies plan to use the events to identify concrete investment and business opportunities.
fact0514@heraldcorp.com
