General News of Wednesday, 8 November 2006
Source: GNA
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."