Korea-Africa Economic Cooperation Marks 20th Anniversary with a Technological Pivot

The economic partnership between Seoul and the African continent is celebrating its 20th anniversary with a clear shift toward technology. The 8th Ministerial Conference of the Korea-Africa Economic Cooperation (KOAFEC) will be held in Seoul from September 8 to 11, 2026, focusing on artificial intelligence and digital infrastructure as key drivers of transformation for Africa.

Launched in 2006, this cooperation mechanism remains the primary framework for economic exchange linking South Korea to the continent. This anniversary edition will bring together African ministers, senior South Korean officials, investors, private sector leaders, and startup founders, under the presidency of South Korean Prime Minister Han Seong-sook. Dr. Sidi Ould Tah, President of the African Development Bank Group, will attend for the first time since taking office one year prior.

A Significant Quantitative Track Record

Since its inception in 2007, the KOAFEC Trust Fund has become the largest active bilateral fund within the Bank Group. With just $50 million dedicated to project preparation, it has leveraged a portfolio of nearly $6 billion and mobilized an additional $4 billion across sectors ranging from energy and agriculture to digital technologies. The initiative also claims to have supported over 1,300 startups and project proponents, resulting in an estimated 1,200 supported businesses and the creation of 5,000 jobs.

Toward a 2027-2028 Action Plan

The conference is expected to culminate in a Joint Declaration and the launch of a new Action Plan covering the 2027-2028 period. This plan will be structured around digitalization, energy, infrastructure, trade, and human capital.

For Tunisian and African startups and SMEs positioned in the digital or AI sectors, this renewal of partnership opens the door to potential access to new financing instruments and South Korean technological expertise. This is a signal that innovation ecosystems across the continent should closely monitor.