Kufuor asks for more Korean support

Seoul Seoul, Nov. 8, GNA - President John Agyekum Kufuor has called for increased Korean support to help to push Ghana's drive at building a strong infrastructure base to attract more private investments. He said owing to the massive capital and financial investment involved in the development of socio-economic infrastructure and the longer gestation period it took to realise its economic returns some of which, might not be tangible at all, it was one area that was unappealing to the private sector, leaving the Government with the responsibility to provide.

"It is in this direction that Ghana and many of my African brothers would want to benefit from the Republic of Korea's increased Overseas Assistance Development (ODA) generosity towards Africa", President Kufuor said at the opening of the first Africa-Korea Forum held in Seoul on Wednesday.

The Forum is an initiative of the Korean President Mr Roh Moo-Hyun, aimed at fashioning out and forging a new development partnership with Africa.

To give practical meaning to this, Korea, which is the world's 11th largest economy with per capita income of 16,000 dollars is increasing its ODA to the continent threefold, from 30 million dollars to 100 million dollars within the next three years.

President Yayi Boni of Benin, President Jakaya Mrisho Kikwete of Tanzania and President Sassou Nguesso of Congo, who is also the Chairman of the African Union (AU), were the other leaders specially invited to participate in the forum alongside, President Kufuor. Thirty-Three countries and Organisations and 28 Ministerial level personnel also attended.

President Kufuor said development thrived in an atmosphere of peace and stability and "Ghana has been described as oasis of peace in our part of the continent."

The trend through Africa now is a serious movement towards securing more peace and stability, he said, adding that Korea would find it profitable to invest in Africa.

"Africa is a continent, which possesses about 60 percent of world's natural resources. Thus those who invest in it invest in the future of humanity's survival."
President Kufuor observed that given the fact that Korea's economic circumstances were not much different from those of some present-day African countries, just a few decades ago, it was in a singular position to show Africa the way to emancipation.
Referring to the Forum, he said it was an indication of the positively changing paradigm regarding Africa and its economic potential, as well as a demonstration of the global interdependence and common humnity for which the United Nations (UN) stood as a symbol. He conveyed Ghana's appreciation to Korea for its financial assistance for some development projects and contribution to the upgrading of the country's petroleum storage and gas packaging facilities.
Korean Prime Minister Han Myeong-Sook, opening the Forum, said her country was eager to forge mutually beneficial relations with Africa, adding that, they would fulfil their responsibility to the continent.
She said apart from increasing it development aid it was also going to help in the training of more African professionals. The Prime Minister used the occasion to thank Africa for the support of Mr Ban Ki-Moon, the out-going Korean Foreign and Trade Minister's election as the eighth Secretary General of the UN.
Mr Ban on his part said the Forum would be held regularly and would involve both the private and public sectors of his country and Africa.
" Amid increasing interdependence among nations in the rapidly globalizing world, we have all gathered here to seek ways to enhance global co-existence and co-prosperity and further strenghten the substantive and future-oriented cooperative relations between Korea and the African Region," he said.
President Nguesso identified economic development, the achievement of the Millennium Development Goals and peace as the main challenges facing the continent and said Africa could learn from the experience of Korea.
President Boni said Korea's model of development was inspirational to Africa.