Government is courting South Korea to support Uganda’s energy transition plan and the agricultural transformation agenda at the ongoing 7th Korea-Africa Economic Cooperation (KOAFEC) ministerial conference in the Korean city of Busan.
The conference, which started on Tuesday and will end today. Discussions are aimed at addressing low-carbon energy transitions and food security issues across Africa while exploring South Korea’s linkages in both areas.
Uganda’s deputy secretary to the treasury, Patrick Ocailap, led the Ugandan delegation to the conference on behalf of finance minister Matia Kasaija. The delegation includes Uganda’s ambassador to Japan and South Korea, Tophace Kaahwa, the minister counsellor/accounting officer at the Uganda embassy in Japan, Nurh Byarufu and staff from the finance ministry.
During the meeting, South Korea pledged $6b (about sh22.35 trillion) to Africa through agricultural transformation, bio-medicine and climate finance, according to Jim Mugunga, the spokesperson of finance ministry.
Ocailap stressed South Korea’s need to support Uganda’s energy transition plan and the agricultural transformation agenda through the Parish Development Model, the government’s latest poverty alleviation programme. Mugunga also said Ocailap emphasised agriculture. “He advocated support in areas of research and development, private sector partnerships in value addition in agroprocessings and market access for our products, among other things,” he said. This, Ocailap said, is intended to expand agricultural output tenfold and more.
According to Mugunga, Ocailap has so far met the vice-president of the African Development Bank (AfDB) in charge of finance regarding increasing concessional financing to Uganda on the sidelines of the conference. In the coming days of the conference, Mugunga said Ocailap will hold bilateral meetings with the AfDB president, Dr Akinwumi Adesina,
South Korea’s first vice-minister for international affairs and the minister of economy and finance, in a bid to rally more support for Uganda’s energy transition plan and agricultural transformation agenda.
WHO IS AT THE KOAFEC MEET?
African finance ministers and executive directors of AfDB representing African member countries, African ambassadors, heads of pan-African institutions, and various non-governmental organisations, are participating in this conference.
African chief executive officers and leaders of the South Korean private sector are also expected to attend the conference. This year’s conference marks an exciting resumption of in-person meetings after the end of the COVID-19 crisis.
“The meetings will provide a platform to unlock new opportunities to strengthen the relationship between Africa and Korea in the post-pandemic era,” AfDB said.
