"South Korea's experiences place it in a unique position compared to the rest of the Asian countries to inspire Africa through practical experiences that can be adapted to the latter's needs and conditions," he added.

Kaberuka is in Seoul for the second Korea-Africa Economic Cooperation Conference (KOAFEC), which opened on Monday for a four-day run. Jointly established by the Korean government and the AfDB in 2006, the meeting has become a key channel for both sides to share knowledge related to economic development.

Under the theme of "Fostering Synergies between Korea and Africa," participants in this year's conference, including finance and energy ministers from about 20 African nations, are scheduled to adopt a joint declaration, called the "2008 KOAFEC Seoul Initiative," in which they will outline "the vision and direction of economic cooperation" between the two sides.

They will also adopt an action plan that will pinpoint potential areas of cooperation in the fields of infrastructure, natural resources development, agricultural and rural development and green growth partnership, Kaberuka said.

He said Africa and South Korea have done a lot to expand cooperation in some areas but there is more yet to be done, especially in the fields of infrastructure, information and communications technology, petrochemical industry and agriculture, among other areas.

South Korea is especially in a "right" position to help African countries enhance their ports and other infrastructure at a time when high transport costs weigh on international trade, which has been their key growth engine, he added.

"Of special note is the need for Africa to improve its competitiveness by reducing transport costs," Kaberuka said. "These costs are high, representing about 10 percent of tradable commodity values, while in developed countries the corresponding figure is 3 percent."

"There are many ports all over Africa which suffer from inadequate investments hence their inefficiency. Partnerships between South Korean shipbuilders and African fleet owners and port operators could present an opportunity for the modernization of shipping and port facilities," he added.

The AfDB chief cited South Korea's world-leading shipbuilding industry, which he said can provide a win-win opportunity for both sides.

Kaberuka said Africa, often regarded as a poverty-stricken continent, is fast emerging as a major economic bloc in the world thanks to its abundant natural resources amid rising oil and commodity prices.

Foreign direct investment in the continent rose from US$20 billion in 2000 to $53 billion 2007, with inflation being kept at single-digit levels, he said, adding that many African countries have record foreign exchange reserves and their fiscal positions are much better than in the 1990s.

Despite the fast-growing economy in Africa, Kaberuka acknowledged that there still are risks African countries themselves should address to bring in more investment from foreign countries.

Besides poor infrastructure, extreme poverty, low education rates and epidemic diseases are among those risks that weigh on their labor productivity, he said.

He also acknowledged that political instability is another concern.

"Despite such risks, there is optimism about the future prosperity of Africa. First, governance has improved throughout the continent. Countries in Africa now recognize clearly the challenges they face and are making continuous efforts to address them," Kaberuka said.

The AfDA chief expressed hope that strong bilateral cooperative ties to be forged through this week's conference will help encourage Korean companies to make new investments in Africa.

"It is our wish to maintain dialogue between Africa and Korea which will enable us to explore mutually beneficial opportunities for the development of Korea and Africa," he said.

Queensgate CE Andrew Hubbard said yesterday the company would place 1,2-billion shares at about 30c, with Mvelaphanda taking 26%, Queensgate and its management holding about 50%, and the remaining shares in free float.

The group owns and manages a diverse portfolio of properties including Tinga Lodge in the Kruger Park, the Ra disson Hotel in Cape Town, as well as its four-star properties Cape Town Hollow and the Hollow on the Square. The group also recently took control of the 300-year-old Alphen Hotel in Cape Town.

"We plan to refurbish the hotel to four- or five-star level, giving Queensgate a property on par with the luxurious Tinga in the Kruger Park," said Hubbard.

The group also owns the Amici and Butcher's Grill restaurant brands, as well the OneWellness spa chain. While there were six stand-alone Butcher's Grill and two Amici restaurants, Hubbard said the intention was to grow the chains within the group's hotel properties. OneWellness would be rolled within its own hotels. The first spa opened in the Radisson last year.

With most of the group's hotels in Cape Town, Hubbard was keen to see expansion beyond Western Cape and said the group was in negotiations to acquire further properties. "If I am to be bold, I would say that we will add another 1000 rooms by the end of next year."

The group planned to follow up its listing by issuing more shares later in the year.

Queensgate is keen to rekindle its relationship with Rezidor, owners of the Radisson and Park Inn brands. In 1999, Queensgate secured the franchise for Radisson hotels in SA but sold it to Mvelaphanda a year later, retaining its stake in the Cape Town Radisson. "We are in talks with Rezidor and hope to reunite with the group."

As the group was strongly focused on the Western Cape, Hubbard admitted the Cape Town low season affected the group's numbers. "However, in recent years it has only been really two to three months in winter that we struggle. For the rest of the year we do not have enough rooms."