10th Anniversary of Korea’s Membership to the OECD Development Assistance Committee, 25 November 2020

 

Mr. Angel Gurría,

OECD Secretary-General

Trancript of Video Message,
Paris, France, 25 November 2020

Dear Prime Minister, Ministers, Friends, Ladies and Gentlemen,

It is a great honour to be with you today to celebrate this momentous occasion: the 10th anniversary of Korea’s membership in the OECD Development Assistance Committee.

Today, Korea has become a driving force behind the global development and inclusive growth agendas, including in its role as DAC Vice-Chair. Korea brings to the DAC its own experience of transitioning from an aid recipient to an aid donor – a leading example, and a source of inspiration for developing countries, of how sound economic policies can drive growth and development.

Building on Busan Principles agreed in 2011, Korea champions country-driven development processes at a global level, and offers to its 24 partner countries a combination of technical assistance, grants and concessional loans in response to government requests with few conditions.

Since joining the DAC in 2010, Korea’s ODA budget has steadily increased and has now more than doubled to USD 2.5 billion in 2018. I encourage Korea to remain on this growth trajectory.

As the 2017 DAC Peer Review of Korea noted, other financial flows from Korea to developing countries – such as private investment, non-concessional loans and remittances – amount to almost six times its ODA budget. This represents a great potential resource for delivering the Sustainable Development Goals. Korea has built a range of new partnerships with business and industry – big and small – which could show us new ways of working in development.

More recently, Korea has mobilised a holistic response to the COVID-19 pandemic through a cross-government effort called “TRUST” – Transparency, Resilience, Unity, and Safety Together. Korea’s own experience in containing the pandemic has been shared generously, swiftly and comprehensively, and health experts from Korea are assisting developing countries with surveillance, responses and policy making.

Ladies and Gentleman,

The DAC-Korea relationship is testament that mutual trust, common goals and hard work can go a long way in making our world more inclusive and sustainable.

We look forward to enriching our partnership in the years ahead. I wish you an excellent celebration.

Thank you.

 

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