South Korean Finance Minister Bahk Jae-wan said Monday that the country stood ready to help Africa's economic development by sharing its rich experience and knowledge.

"Korea stands ready to take your hand on the path to a brighter future. Unfortunately, we do not have enough financial resources to finance large-scale infrastructure projects (in Africa). But, we have acquired a wealth of experience and knowledge on economic development and poverty reduction. We would like to share them with you," Minister Bahk said at the dinner speech for the Korea- Africa Economic Cooperation Conference (KOAFEC).

The ministerial meeting for economic cooperation between South Korea and the African countries was launched by former South Korean President Roh Moohyun during his 2006 African trip, and it has been held every two years, marking the fourth this time. The meeting is scheduled to end on Wednesday with the announcement of a joint declaration.

The welcoming dinner was attended by ministers from Africa, South Korean Finance Minister Bahk, African Development Bank President Donald Kaberuka and World Bank President Jim Yong Kim who signed an agreement with Minister Bahk earlier to open its Seoul office in 2013.

Bahk stressed that South Korea will be an experienced partner to Africa, saying that the country has risen from the ashes of the Korean War, becoming one of the world's major economies within half a century. The minister said that South Korea is the only country in history that went from an aid recipient to a donor country.

Africa is increasingly becoming an important economic partner to South Korea due to the region's enormous growth potential. Africa has been growing at an annual rate of 4.8 percent since 2000, higher than the average global growth rate of 3.5 percent. Among the 10 fastest-growing countries, six were African nations, Bahk said.

The minister said that the African population exceeds one billion, which accounts for 15 percent of the world's population, adding that the region also has abundant natural and human resources.