Finance Minister Choo Kyung-ho expressed the South Korean government’s desire to expand ties with African countries in the areas of agriculture, biohealth, and climate change during the opening speech of the seventh Korea-Africa Economic Cooperation Ministerial Conference in the port city of Busan. He noted that the global environment is undergoing various changes, including the COVID-19 pandemic, restructuring of the supply chain, emerging protectionism, health crisis, escalating digitalization, and climate change, which has increased the importance of South Korea and Africa in the global community.
Choo suggested that South Korea and Africa collaborate in the “ABC” areas of agricultural transformation, biohealth, and climate change. He mentioned the K-rice belt project, which would provide African countries with high-yield rice varieties and agricultural machines, as well as aid with the construction of irrigation and other facilities. Additionally, South Korea intends to increase its official development assistance (ODA) fund to $5 billion next year and asked Africa to support South Korea’s bid to host the 2030 World Expo in Busan.