Korea Eximbank to strengthen AI cooperation with Africa
In Seoul, the Export-Import Bank of South Korea, Korea Eximbank, announced its intention to strengthen economic cooperation with African countries and support Korean companies seeking to enter local markets. The Korea Herald reports this following the 8th Korea-Africa Economic Cooperation Ministerial Conference.
Talks with African countries
During the conference, which lasted on Wednesday and Thursday, Korea Eximbank representatives held bilateral meetings with Botswana Vice President Ndaba Nkosinathi Gaolathe, as well as the finance ministers of Tanzania, Kenya, Rwanda, Ghana, Egypt, Uganda, Zimbabwe, Lesotho and Sierra Leone.
This year's conference focused on transforming Africa through artificial intelligence and digital infrastructure. Participants considered ways to promote sustainable growth and expand economic cooperation. Senior officials from African states presented their development priorities and needs.
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AI projects and investments
Korea Eximbank discussed opportunities to expand cooperation through the Economic Development Cooperation Fund and promote the participation of Korean companies in local projects. The parties also considered further steps on a Tanzanian project to establish an educational institution in artificial intelligence and digital technologies. In August, it was approved as the fund's first AI-related project.
On Thursday, the bank also organized an investment presentation to facilitate contacts between Korean companies, African governments and institutions. The event presented promising local projects and investment opportunities. It was attended by representatives of the African Development Bank, officials from Kenya and Tanzania, representatives of investment projects in Ghana, and Korean companies, including AI startups FuriosaAI and Rebellions.
The KOAFEC platform was established in 2006 to strengthen economic cooperation and development cooperation between South Korea and Africa. It is jointly organized by South Korea's Ministry of Finance, Korea Eximbank and the African Development Bank.
