SEOUL, KOREA - "The size of the social overhead capital market in the developing world is estimated at US$1 trillion. If the private sector can take advantage of this untapped market, it would be a huge opportunity."

 

In a seminar held by the Korea Development Policy Study Association on November 21, presenters stressed the importance of joining forces between the government and the private sector in official development assistance.

 

Park Myung-ho, professor at Hankuk University of Foreign Studies and the president of the association, said, "Official development assistance doesn't just stop at humanitarian aid and direct investment. It must extend toward development financing for the sake of national interest."

 

Chung Hyuk, professor at the KDI School of Public Policy and Management, said, "We can make the real difference in developing countries when we go beyond the conventional idea of aid. When shifting the gear from plain-vanilla development assistance to partnership, what you need most is financing capabilities."

 

Kim Jong-seop, Seoul National University Graduate School of International Studies professor, concurred by saying, "Recently most donor countries use private-public partnerships when they engage in development projects. In contrast, we in Korea still remain at a rudimentary level of assistance, with no officially approved private-public partnership programs under the aegis of Korea EximBank except two that are currently being evaluated."