By Lee Hyo-sik
Staff Reporter
South Korea gave nearly $800 million last year to the developing world, financing a range of infrastructure and other development projects, as part of its efforts to increase economic cooperation with resource-rich countries and improve its image abroad.
But the nation still has a long way to go to catch up with developed economies in helping poorer countries build essential infrastructure, create jobs and reduce poverty.
According to the Ministry of Strategy and Finance, Tuesday, Korea's official development assistance (ODA) reached $797 million in 2008, up 14 percent from $699 million a year earlier, ranking 19th among 30 member economies of the Organization for Economic Cooperation and Development (OECD). The United States topped the list by providing $26 billion in foreign aid last year, followed by Germany with $13.9 billion and Britain with $11.4 billion.
The $797 million accounted for about 0.09 percent of Korea's gross national income (GNI) in 2008, up from 0.07 percent the previous year. The nation's ODA to GNI ratio ranked 25th, meaning the world's 13th largest economy gave too little back to the international community.
European economies were the most generous, with Sweden giving 0.98 percent of its GNI in development assistance to poor countries. Japan and the U.S. committed 0.18 percent of GNI each.
Korea has been criticized over the years for not giving enough to underdeveloped countries. In response, the government has pledged recently to gradually increase ODA to play a crucial part in fighting poverty in poorer countries even though it has a relatively short history of providing aid.
``We have continued to extend more development assistance to developing countries year after year. Among other efforts, we've given $70 million to the Inter-American Development Bank, the goal of which is to eradicate poverty in Central and South American nations,'' a ministry official said.
He said the government will continue to increase its development spending as much as the state budget permits to improve its image in the global community. ``We will make an effort to enhance the nation's global image by providing greater financial assistance and seeking economic cooperation with developing countries.''