Increasing African Official Development Assistance... Choo Kyung-ho: "It Will Be the Strongest Solidarity"

7th Korea-Africa Ministerial Economic Cooperation Meeting
Choo Kyung-ho "Earnestly Request Support for Busan Expo"

The government announced that it will use Official Development Assistance (ODA) and the Economic Development Cooperation Fund (EDCF) to strengthen support for local agriculture, healthcare, and climate change in order to enhance cooperation with Africa.

On the 13th, at the opening ceremony of the 7th Korea-Africa Ministerial Economic Cooperation Conference (KOAFEC) held at the Ananti Hilton Hotel in Busan, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated, “Considering Africa’s opportunities and challenges, I propose the ABC principles to strengthen cooperation and solidarity between Korea and Africa.” The ABC principles stand for Agricultural Transformation, Bio Health, and Climate Change & Energy Transition.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is delivering the opening remarks at the '2023 Korea-Africa Economic Cooperation (KOAFEC) Ministerial Meeting' held on the 13th at the Ananti Hilton Hotel in Busan.
[Photo by Ministry of Economy and Finance]

Deputy Prime Minister Choo explained, “Through the EDCF, we will actively engage in building regional hospitals and medical college hospitals in African countries and supplying medical equipment to establish a healthcare foundation in Africa,” adding, “We will also strengthen software projects such as supporting programs to enhance the capabilities of medical personnel to solidify health solidarity between Korea and Africa.”

He also mentioned, “The government has signed the Korea-Africa Energy Investment Framework (KAEIF), providing $600 million over five years to the African Development Bank to discover and financially support energy infrastructure projects in Africa,” and added, “We will actively identify and support promising energy projects such as solar power generation and national power grid expansion to contribute to Africa’s sustainable development.”

Regarding agriculture, he promised, “Through the K-Rice Belt project, we will establish a production base for high-yield rice varieties based on Korea’s experience of overcoming hunger,” and “We will strengthen demand-tailored support for individual African countries so that they can achieve rice self-sufficiency.”

He also emphasized the significantly increased ODA budget for next year. Deputy Prime Minister Choo said, “Korea actively supports President Akinwumi Adesina’s strategy, which well reflects Africa’s core development challenges, and aims to contribute to Africa’s sustainable growth and development,” adding, “To fulfill our responsibilities as a global pivotal country, we will increase the ODA scale from $3.4 billion this year to $5 billion next year.”

Regarding the 2030 World Expo, which Busan is bidding to host, Deputy Prime Minister Choo stated, “Korea and Africa will achieve broad and extensive cooperation through the 2030 Busan Expo,” and earnestly requested, “We ask for strong support for the 2030 Busan Expo so that Korea-Africa cooperation can take a leap forward by building a mutually beneficial and future-oriented partnership.”

This content was produced with the assistance of AI translation services.