Abstract
Korea’s foreign aid has been characterized by a focus on economic development, providing loan packages, and emphasizing the mutual benefits of the donor–recipient relationship. Since these characteristics can be found not only in Korea, but also in Japan and China, some scholars have identified them as characteristic of Asian donors. Against this background, this chapter attempts to analyze economic-development-oriented official development assistance (ODA) in South Korea by examining historical institutions as recipients in the past and donor countries in the 1990s. It also explores recent policy changes after 2010 to identify the reason for an increasing economic sector response to the development needs of Asian regions. In addition, this chapter also examines whether Korea’s economic-development-oriented ODA has pursued universal values or special interests by considering the scope of accountability between the people in the recipient country and domestic voters. Based on the analysis, it suggests a way to balance universal values and the specific interests of Korea’s economic-development-oriented ODA in the future. It tries to consider how we can ultimately achieve the national development of partner countries and contribute to supplying global public goods.
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Notes
- 1.
https://donortracker.org/country/south-korea (last access November 1, 2020).
- 2.
http://www.peoplepower21.org/PSPD_press/594794 (last access September 10, 2020).
- 3.
Interview with an Export–Import Bank official (August 21, 2020).
- 4.
The author was able to engage in the policy process for drafting the third strategic plan. This observation is based on the author’s experiences as a member of the task force in 2020.
- 5.
Interview with government officials (November 15, 2020).
- 6.
Overseas Development Institute, Principal Aid Index 2020, https://www.odi.org/opinion/10502-principled-aid-index (last access November 9, 2020).
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Kim, E. (2022). Balancing Universal Values and Economic Interests Through Development Cooperation in Korea. In: Kwon, Hj., Yamagata, T., Kim, E., Kondoh, H. (eds) International Development Cooperation of Japan and South Korea. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-16-4601-0_6
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