South Korea to double aid to Africa

SEOUL, South Korea — South Korea pledged this week to double aid to African nations over the next three years in an effort to better reach out to the continent rich in energy resources, growth potential and business opportunities.

In the pledge made Tuesday at a joint South Korea-Africa cooperation forum in Seoul, the government said by 2012 it would double the $107 million in annual official development aid given in 2008 to more than $200 million.

South Korea's outreach comes as neighboring Japan and China have been trying to woo Africa with similar pledges of massive aid reflecting its role as an economic partner and a source of energy resources. Earlier this month China promised $10 billion in new loans to African nations over the next three years.

Foreign Minister Yu Myung-hwan said South Korea plans to focus on offering its know-how learned from building Asia's fourth-largest economy from the ashes of the 1950-53 Korean War.

Cabinet ministers and senior officials from 15 African nations, including Nigeria, Senegal and Kenya, attended the one-day event as representatives of the 53-member African Union, an intergovernmental organization among African nations.

South Korea's leading Chosun Ilbo newspaper also quoted an unidentified official as saying, "Africa is considered the world's last-remaining growth engine due not only to its energy resources but also to its potential to become a giant market."

Trade between South Korea and African countries amounted to $13.43 billion in 2008.