Yoon on Global Economic Uncertainty: "Cooperation and Solidarity Among Nations Needed"

South Korean Government to Pursue 'Contribution Diplomacy' Based on Cooperation Principles
'Climate Technology Hub' Established in Korea... Public and Private Sectors Collaborate to Solve Issues

President Yoon Suk-yeol stated on the 3rd that regarding global economic instability factors such as supply chain fragmentation and the widening digital divide, "Strong cooperation and solidarity between countries beyond individual nations are necessary." He emphasized the Korean government's contribution diplomacy by saying that a new model of cooperation between countries must be created to jointly address common issues.

On the same day, President Yoon attended the opening ceremony of the 56th ADB (Asian Development Bank) Annual Meeting held in Songdo, Incheon, and expressed this cooperative will by saying, "I hope that ADB member countries will take the lead in creating a new model of solidarity and cooperation between countries."

President Yoon Suk-yeol is delivering a congratulatory speech at the opening ceremony of the 56th Annual Meeting of the Asian Development Bank (ADB) held on the 3rd at Songdo Convensia in Incheon.
Photo by Yonhap News

Established in 1966 with the goal of poverty reduction in the Asia-Pacific region, the ADB plays roles such as providing development finance support for economic development in developing countries, supporting the coordination of development policies and plans in developing countries, technical assistance, and cooperation with other international organizations. Korea joined as a founding member in 1966 and holds 5% (8th place) of ADB shares and 4.31% (8th place) of voting rights.

This year marks the 35th anniversary since Korea graduated from ADB beneficiary status, and President Yoon’s direct attendance clearly signaled the Korean government's intention to engage in contribution diplomacy. In particular, as a follow-up to the "Free, Peaceful, and Prosperous Indo-Pacific Strategy" announced at the ASEAN+3 Summit last November, President Yoon promised, "The Korean government will actively contribute to economic and development cooperation in the Indo-Pacific region based on the three major cooperation principles of inclusion, trust, and reciprocity." To this end, the Korean government will actively participate in building cooperative supply chains, share growth experiences with regional member countries, and carry out active contribution diplomacy in areas such as climate change and the digital divide.

He also unveiled plans to jointly establish a "Climate Technology Hub" in Korea with the ADB. This platform will enable governments and private companies from various countries to share technology, knowledge, and networks and solve problems together through public-private cooperation. President Yoon added, "I hope this meeting will serve as an opportunity to advance cooperative relations with member countries both inside and outside the region to the next level."

Meanwhile, the meeting, held under the theme "Asia Rebounds: Recovery, Solidarity, Reform," is attended by over 5,000 participants including finance ministers and central bank governors of ADB member countries, delegations from various countries, international organizations, journalists, academia, the financial sector, and non-governmental organizations (NGOs). The Korean government places significance on hosting the first fully in-person meeting since the COVID-19 pandemic. Side events include meetings of finance ministers and central bank governors of Korea-China-Japan and ASEAN+3. At the ASEAN+3 finance ministers meeting, discussions are expected on financial cooperation agendas such as the Chiang Mai Initiative, a regional financial safety net.

This content was produced with the assistance of AI translation services.