Seoul: U.S. billionaire philanthropist Bill Gates suggested Thursday that South Korea gradually increase its development aid spending, ideally to 0.5 percent of its economy in the coming years, with a greater focus on multilateral health initiatives. Gates, chair of the Gates Foundation, made the remark during his visit to Seoul, after meeting with South Korean companies and government officials to discuss ongoing partnerships and collaboration in global health.
According to Yonhap News Agency, Gates highlighted that South Korea's official development assistance (ODA) spending is currently a bit less than 0.3 percent of its GDP. He expressed hope that this figure would grow over time, encouraging the South Korean government to reassess their ODA spending. Gates suggested that the newly elected government could aim for a concrete plan to reach 0.5 percent over the next five years, although the longer-term goal of reaching 0.7 percent is not a near-term aspiration.
South Korea's ODA spending as a share of its economy stood at 0.21 percent in 2024, up from 0.17 percent the previous year. Gates emphasized the importance of focusing more on multilateral health platforms for contributions, such as GAVI and the Global Fund, due to their operational efficiency and high-impact outcomes.
"Our proposal is that this government makes a new ODA strategy that the health multilaterals could grow to be as much as 15 percent of that, and draw South Korea into a much stronger role in terms of governance and contributions," Gates stated. The Gates Foundation, founded in 2000, is a significant investor in global health initiatives, including vaccine development and efforts to combat infectious diseases, as well as projects addressing poverty and climate change.
According to the foundation, its contributions have significantly impacted global health, notably reducing the mortality rate of children under five to 5 million. Additionally, the foundation has invested over US$400 million in South Korean bioscience companies, mainly engaged in vaccine development and production. Gates announced plans for the foundation to open an office in Seoul.
Addressing concerns about the Donald Trump administration's cutbacks on global aid, Gates expressed optimism, noting that discussions with U.S. officials, including Trump, have been positive regarding the best approach to U.S. foreign assistance. He noted that while some aid was initially cut, much of it has been restored, and he remains hopeful about future funding levels.
Gates remarked that South Korea's increased commitment to ODA could significantly aid countries in need, drawing parallels to how South Korea benefitted from international assistance and achieved remarkable growth following the 1950-53 Korean War. "Korea is unique in having gone from an (aid) recipient country to a donor. It would set a great example and encourage others at a fairly key time," Gates said, praising South Korea's economic success and democratic progress.