Choo Kyung-ho: "Korea's Remarkable Growth Thanks to International Support... Intercountry Cooperation is the Key"

"Key to Asia's Recovery is Intercountry Cooperation"
"Korea Transitions from Recipient to Donor Country... Will Support ADB"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is delivering the opening address at the "56th Annual Meeting of the Asian Development Bank (ADB)" held on the 3rd at Songdo Convensia in Yeonsu-gu, Incheon. [Image source=Yonhap News]

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated, "The key to Asia's recovery lies in the sharing of universal values of freedom, openness, and solidarity, as well as close intergovernmental cooperation."

At the opening ceremony of the Asian Development Bank (ADB) Annual Meeting held on the 3rd at Songdo Convensia in Incheon, Deputy Prime Minister Choo emphasized, "We must overcome economic and geopolitical fragmentation and reestablish the rules of fair trade."

He explained, "We need to firmly establish a multi-layered cooperative structure, including high-level dialogues, in areas such as global supply chain restructuring, health solidarity, and climate cooperation. If there is trust among each other, we can respond quickly even when a pandemic or any unforeseen instability arises."

He continued, "Korea expects ADB to play a role as an international cooperation platform for restoring global connectivity," adding, "We all need to roll up our sleeves for Asia's leap forward."

Deputy Prime Minister Choo also mentioned that Korea is accelerating fundamental structural reforms to create a sustainable society.

He said, "In Korea's case, pension reform considering sustainability, labor reform, and education reform to improve productivity are difficult but necessary paths. There are also common challenges we all must solve. To respond to climate change, we need to significantly change existing production methods and our consumption patterns."

He added, "I hope regional countries will jointly respond and cooperate on these difficult reform tasks," and said, "Korea is also willing to participate in these efforts."

Korea has hosted the ADB Annual Meeting three times in total. The first meeting was held in 1970 as a recipient country in Suwon, and the second was hosted in 2004 as a donor country.

Deputy Prime Minister Choo stated, "Korea achieved remarkable economic growth thanks to the support of the international community, including ADB," and added, "In 1988, Korea graduated from recipient country status and transitioned to a donor country."

He further said, "We are cooperating with ADB to share such differentiated development experiences and to bridge the digital divide within the region," adding, "Going forward, based on our experience and know-how, we will continue to provide financial and intellectual support to ADB's activities."

Deputy Prime Minister Choo concluded, "The pandemic left us all with sorrow but also important lessons. The truth is that no great power or capable group can solve huge problems alone," and urged, "Let ADB member countries come together to address unprecedented challenges and open an era of a free, peaceful, and prosperous Asia-Pacific."

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