Hong Nam-gi Proposes "Establishment of Asian Development Bank Korea Office"

Video Conference with Asakawa, President of the Asian Development Bank

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance (file photo) [Image source=Yonhap News]

[Asia Economy Reporter Joo Sang-don] On the 14th, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, proposed to Masatsugu Asakawa, President of the Asian Development Bank (ADB), "Let's consider various measures, including the establishment of a Korea office, to strengthen the cooperative relationship between Korea and the Asian Development Bank."

The Ministry of Economy and Finance announced that Deputy Prime Minister Hong made this statement during a virtual meeting with ADB President Asakawa on the same day.

This meeting was held ahead of the ADB Annual Meeting, which will be held virtually from the 16th to the 18th, for Deputy Prime Minister Hong, who served as the chair of the 2019 and 2020 annual meetings, and President Asakawa to discuss key agendas and ways to strengthen mutual cooperation.

On this day, Deputy Prime Minister Hong and President Asakawa agreed to promote cooperation among regional members in various fields to respond to the novel coronavirus disease (COVID-19) in the Asia-Pacific region and to achieve sustainable development. In particular, Deputy Prime Minister Hong mentioned the need for more active discussions on vaccine distribution cooperation and the establishment of regional medical supplies stockpiles to respond to health crises in developing countries, emphasizing close mutual consultations. He also suggested continuing to strengthen Korea's contributions to the ADB through trust funds and the activation of human exchanges.

In response, President Asakawa highly evaluated Korea's contributions to innovation and development in various fields such as information and communication technology (ICT), health, and education in the Asia-Pacific region through the ADB. He responded by suggesting strengthening cooperation not only through linked concessional and non-concessional financing such as the Economic Development Cooperation Fund (EDCF) and co-financing but also with the private sector.

Deputy Prime Minister Hong is scheduled to attend the 'Business Session' and 'Governors' Seminar' of the Annual Meeting held on the 18th. At the Business Session, chaired by Deputy Prime Minister Hong, key agendas such as the annual report and budget will be approved. The final approval for hosting the 2023 Annual Meeting, originally planned to be held in Songdo, Incheon this year, will also be made. At the Governors' Seminar, representatives from major countries including Korea, China, Japan, India, Indonesia, and Spain will participate to discuss overcoming the COVID-19 crisis and cooperation measures in the Asia-Pacific region. At this event, Deputy Prime Minister Hong will introduce Korea's COVID-19 response experience and the Korean New Deal policy and discuss ways to strengthen resilience in the health and economic sectors within the region.

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