(KPL/Yonhap) Republic of Korea and African nations discussed ways to strengthen business ties in areas ranging from power and data center infrastructure to start-up ecosystems at a ministerial-level event currently underway in Seoul, the finance ministry said Thursday.

The Ministry of Finance and Economy hosted a business forum during the four-day Korea-Africa Economic Cooperation (KOAFEC) meeting, which opened on Tuesday and brought together ministerial-level delegations from 45 African nations.

KOAFEC, a consultative body established by Republic of Korea and African countries in 2006, marks its 20th anniversary this year.

During the forum, around 200 business officials from Republic of Korea, African countries and international organizations discussed ways to expand the private sector's participation in development projects on the continent and harness artificial intelligence (AI) technologies.

The finance ministry said around 90 Republic of Korean companies participated in the event, expressing interest in establishing a presence in Africa.

In an opening remark, Second Vice Finance Minister Huh Chang briefed participants on the K-AI Package, which centers on providing support for AI solutions, data centers and power infrastructure in connection with the Economic Development Cooperation Fund (EDCF).

"Through the forum, we hope businesses from Republic of Korea and Africa can identify each other's technologies and needs, eventually finding new partners and developing business and investment ideas for the AI sector," Huh said.

The forum was followed by investment conferences and business meetings, where the African Development Bank Group introduced development plans and investment opportunities across the continent.

KPL