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African economic ministers, bank chiefs gather in Busan

All Headlines 11:01 May 21, 2018

BUSAN, May 21 (Yonhap) -- Economy-related ministers from 35 African nations gathered in Busan on Monday to discuss ways to bolster the continent's industrialization and economic cooperation with South Korea and explore new business opportunities, the finance ministry said.

The 53rd annual meeting of the African Development Bank (AfDB) will run until Friday in thye southeastern port city under the theme of "Accelerating Africa's Industrialization," the event's co-organizer said. The Busan meeting is the fifth to be held outside Africa.

Moroccan Prime Minister Saad Eddine El Othmani plans to join a high-level session as a panelist, and World Bank President Jim Yong Kim will deliver a special address.

The 53rd annual meeting of the African Development Bank (AfDB) opens in the southeastern port city on May 21 under the theme of "Accelerating Africa's Industrialization." The event is set to run for five days. (Yonhap)

South Korean finance minister Kim Dong-yeon will meet with African finance ministers and chiefs of international organizations for discussions on the theme of "Africa: Fourth Industrial Revolution" on Tuesday.

African trade and industry ministers will also participate in the Korea-Africa Economic Cooperation (KOAFEC) meeting on the sidelines of AfDB conference, the ministry said. The biennial KOAFEC meeting was launched in 2006.

A large group of African business leaders will also visit the country to contribute to discussions at this year's gathering.

On Tuesday, eight African ministries and state-run companies will introduce major infrastructure development projects in their countries to seek investment from South Korean financiers and businesses.

One-on-one meetings between 45 African agencies and South Korean companies are also scheduled throughout this week.

A variety of cultural events will take place in Busan to mark the regional development bank's annual conference there.

Taking "blending nature, people and culture" as their theme, the events will feature a cultural festival, an exhibition of African relics, an art display and a film festival, and will provide an intensive introduction to African culture.

The African Cultural Festival will be held at the Busan Cinema Center on Tuesday to give citizens an opportunity to experience a taste of the nature, life and culture of the continent.

An art market will feature the exhibition and sale of artwork, handmade products and folk crafts by Busan artists, as well as dance and song performances by African artists.

The AfDB was established in 1964 to contribute to the economic and social development of Africa through promoting investment with 54 member countries from the continent and 26 from outside the region. South Korea joined the organization in 1984.


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