Choo Kyung-ho: "Asia Vulnerable to Global Economic Fragmentation... Protectionism Must Be Rejected"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho emphasized that Asian countries must take a leading role in rejecting the spread of protectionism.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is delivering the opening remarks at the '56th Asian Development Bank (ADB) Korea Seminar Day' event held on May 2 at Songdo Convensia in Incheon Metropolitan City.

원본보기 아이콘

On the 2nd, Deputy Prime Minister Choo, in his opening remarks at the 'Korea Seminar Day' of the 2023 Asian Development Bank (ADB) Annual Meeting held in Songdo, Incheon, stressed the need to "strengthen policy connectivity and cooperation within the region in response to increasing global uncertainties."

He said, "Since the Asian region is vulnerable to the fragmentation of the global economy, it must take a leading role in rejecting the spread of protectionism," adding, "It is necessary to qualitatively upgrade regional trade integration by expanding regional supply chains focused on advanced technologies." He also added, "We must strengthen digital cooperation to reduce the digital divide among regional countries so that they can equally enjoy the benefits of digital innovation."

He further stated, "While high inflation persists, recent banking instability in major countries has increased uncertainties not only in financial markets but also in the real economy," and said, "In this situation, countries must enhance the effectiveness of the regional financial safety net and, if necessary, proactively and boldly respond jointly to prevent the spread of economic crises within the region in advance."

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.