Yoon Requests 'Leadership' from ADB Chair Country... "Need for Cooperation and Solidarity Among Nations" (Comprehensive)

Emphasizing Cooperation and Solidarity Beyond Individual Nations
South Korean Government Mentions 'Contribution Diplomacy' Based on Cooperation Principles
Establishment of 'Climate Technology Hub'... Public-Private Collaboration to Solve Issues

President Yoon Suk-yeol attended the Asian Development Bank (ADB) Annual Meeting on the 3rd and urged finance ministers of the chair countries to "demonstrate leadership to ensure meaningful cooperation outcomes at the ASEAN+3 and G20 summits." President Yoon also promised that the Korean government would "participate and contribute, hoping to create a model of solidarity and cooperation among countries."

On the morning of the same day, President Yoon attended the opening ceremony of the 56th ADB Annual Meeting held in Songdo, Incheon, and spoke about global economic uncertainties, stating, "Strong cooperation and solidarity among countries beyond individual nations are necessary."

President Yoon Suk-yeol is greeting as he steps onto the podium to deliver 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 coordination of development policies and plans, technical assistance, and cooperation with other international organizations. Korea joined as a founding member in 1966 and holds 5% of ADB shares (ranked 8th) and 4.31% of voting rights (ranked 8th).

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, before the opening ceremony, President Yoon held talks with Suzuki Shunichi, Japan’s finance minister and co-chair of ASEAN+3; Sri Mulyani, Indonesia’s finance minister; Nirmala Sitharaman, India’s finance minister and chair of the G20; and Masatsugu Asakawa, ADB president. At this meeting, President Yoon urged the finance ministers of the chair countries to "demonstrate leadership to ensure meaningful cooperation outcomes at the ASEAN+3 and G20 summits scheduled for September this year."

President Yoon also requested the ADB president to "take interest in providing more employment opportunities at ADB for capable Korean youth." In response, President Masatsugu said, "There is a cultural event scheduled at tonight’s dinner, and seeing that the president sings well, I look forward to the performance today." He also shared, "My daughter studied language in Korea and learned dance, and now she has returned to Tokyo and teaches the dance she learned in Korea."

On this day, President Yoon emphasized his willingness to cooperate, expressing hope that ADB member countries would take the lead in creating a new model of solidarity and cooperation among nations. As a follow-up to the "Free, Peaceful, and Prosperous Indo-Pacific Strategy" announced at the ASEAN+3 summit last November, he mentioned, "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 conduct proactive contribution diplomacy in areas such as climate change and 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 collaboratively solve problems through public-private partnerships. 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."

Meanwhile, the meeting, held under the theme "Asia Reborn: 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, financial sectors, and non-governmental organizations (NGOs). The Korean government attaches significance to 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.