The Republic of Korea plans to deepen its long-standing partnership with Africa by expanding cooperation in artificial intelligence (AI) and digital technologies, Korean Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol said in Seoul on 9 September 2026. Speaking at a press conference alongside African Development Bank Group President Dr Sidi Ould Tah, Mr Koo highlighted the growing partnership between Korea and Africa over the past 20 years, including through the Korea-Africa Economic Cooperation (KOAFEC) Trust Fund, managed by the pan-African institution. “The Republic of Korea wishes to strengthen its cooperation with the African continent in key sectors such as artificial intelligence and digital technology,” Mr Koo said, citing potential applications in healthcare, education, agriculture, transport and skills development.
The press conference took place on the sidelines of the 8th KOAFEC Ministerial Conference, held from 8 to 11 September under the theme “Harnessing AI and Digital Infrastructure for Africa’s Transformation.” This year’s conference also marked the 20th anniversary of the KOAFEC partnership. The African Development Bank estimates that, if developed and deployed inclusively, AI could add up to $1 trillion to Africa’s GDP by 2035, equivalent to nearly one-third of the continent’s current economic output. Recalling that Africa has the world’s youngest population, which is strongly focused on innovation, Dr Ould Tah emphasised that AI offers significant opportunities for Korean investors.
“With the world’s youngest population, Africa’s greatest asset in the field of artificial intelligence is its people,” he said. “The challenge before us is to transform this demographic promise into economic power by putting in place the infrastructure, institutions and opportunities needed to enable innovation to flourish.”
Joint Declaration and Action Plan
Dr Ould Tah also highlighted Africa’s abundant natural resources, including critical minerals essential for manufacturing electric vehicles, batteries, renewable energy systems, and digital technologies. “Africa does not want to remain confined to the role of a supplier of raw materials,” he said. “Our ambition is to move from the production of raw materials to the creation of added value, from minerals to local industrial manufacturing, from stewardship of natural resource wealth to the development of local industrial capacity.”
President Ould Tah said the African Development Bank offers a range of financing and risk-mitigation instruments to support Korean investment in transformative projects across the continent. He emphasised the need for more accurate assessment of African risk, noting that perceptions of risk can constrain foreign investment.
He emphasised the Bank’s strategic vision, embodied in his ‘Four Cardinal Points’, placing strong partnerships, including with the private sector, at the heart of efforts to accelerate Africa’s transformation. Deputy Prime Minister Koo, for his part, welcomed the new chapter in Korea-Africa cooperation, formalised by a Joint Declaration. Accompanied by an Action Plan, the Declaration was adopted by participants at the KOAFEC Ministerial Conference. The Action Plan focuses on developing AI across sectors, including health, agriculture, capacity-building and governance, with a view to contributing to the continent’s transformation. Ministers and government representatives from 45 African countries, Korean government officials, members of the private sector, start-up leaders, innovators – particularly in the field of AI – and heads of development institutions participated in the Conference.
