OREANDA-NEWS. The 5thKorea-Africa Economic Cooperation (KOAFEC) Ministerial Conference opened its doors in a colourful ceremony in Seoul, the Korean capital, on October 24, 2016.

The event, under the theme “Transforming Africa’s Agriculture through Industrialization and Inclusive Finance” is being attended by over 500 participants, including Ministers of Finance representing AfDB’s regional member countries, pan-African institutions, regional economic communities and CEOs from the private sector.   

In his welcoming remarks, President Akinwumi Adesina of the African Development Bank hailed the longstanding collaboration between Korea and Africa, describing KOAFEC as the place to strengthen this bond of friendship. 

President Adesina commended the country’s technological and economic advancement, which he said had far surpassed Africa. Korea, he added, offers lessons for Africa. “We shared so much in common in terms of challenges of development. But somehow you have grown so much faster and better than we have,” stated Adesina.

KOAFEC provides a platform to share Korea’s experiences with Africa on how it achieved economic development known by many as the “Miracle of Han River”. “It is important to discuss how we did it and discuss ways to find practical economic solutions,” said Lee Duk-Hoon, President of Korea Eximbank.

Duk-Hoon highlighted the important role of public-private partnerships in steering growth, and pointed to a special Public-Private Partnerships Forum to be held within the KOAFEC conference. “We need to hear the voice of the Korean and African private sector to be able to assess gaps and deliberate on how to move forward.”