African Development Bank annual event set
Participants in the event at BEXCO last year.
Busan will host the 53rd-annual African Development Bank conference later this month.
More than 40,000 people, including dignitaries, entrepreneurs, financiers, journalists and more from 54 African countries are expected at the event, set for May 21 through 25 at BEXCO in Centum City.
The African Development Bank Group, an international financial institution established in 1964, raises funds for investments and provides technological assistance for African countries for the purpose of spurring sustainable economic development and social progress in the region. Korea, one of 26 non-regional member countries that will also be in attendance, joined the organization in 1982 and created the "Korea-Africa Economic Cooperation (KOAFEC)" in 2006 "to support a qualitative economic development of the African countries," according to the conference's official website, afdb2018.org.
The main subject for this year's conference is "Accelerating Africa's Industrialization." There will also be additional events including opening and closing ceremonies, governor meetings, business summits, academic seminars related to Korea and Africa's economic cooperation, entrepreneur exhibitions, culture and arts events and more.
Twenty local companies will be selected for the Korea-Africa business meeting. Entrepreneur exhibition halls will be at the conference for drone, shoes, textile, marine industry and virtual reality promotions.
Of particular note is a partnership underway between Busan and the AfDB to use Busan-developed drones for African agricultural businesses, mainly to improve efficiency.