Mr Chin Dong-Soo

President, Korea Eximbank (Kexim)

In Asia's rush to develop relations with Africa, South Korea is trying to catch up with its East Asian rivals, Japan and China. Dignitaries attending the Korea-Africa Economic Cooperation Conference (KOAFEC) Ministerial Conference 27-30 October in Seoul are to be welcomed by Chin Dong-soo, the new President of the Export-Import Bank of Korea (Kexim).

Chin studied law at Seoul National University and economics at Boston University, United States. He joined South Korea's Finance Ministry in 1977. During his long tenure there, he was involved in efforts to improve transparency in South Korea's financial system. Chin led banking reform efforts after Korea's banks were hit by the Asian financial crisis of 1997.

Chin served three years as a World Bank Deputy Director (2001-2004) and has coordinated Korea's international financial affairs as Vice-Minister of Finance and Economy from May 2006 until he became President of Kexim in July 2008.

Some 13% of Korea's bilateral aid went to Africa in 2007 through the Economic Development Cooperation Fund, Kexim's aid agency. Eleven countries shared US$430 million, with Angola taking about a third of the money for agriculture and information technology infrastructure projects.

At a KOAFEC workshop in Ghana in July, Korea promised to commit $1.5 billion from 2008 to 2012 to Africa. Kexim will be important in any more pledges that emerge from the KOAFEC conference, but it still has to raise its African profile. Out of more than a dozen offices worldwide, there is not one in Africa.