November 29, 2024

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Deputy Prime Minister and Finance Minister Choo Kyung-ho (second from left) shakes hands with Asian Development Bank President Masatsugu Asakawa after signing a memorandum of understanding on bilateral collaboration in Seoul on Wednesday. (Ministry of Economy and Finance)

SEJONG -- South Korea and the Asian Development Bank agreed to expand cooperation on global issues, including climate change, on the occasion of Korea taking the chair for the upcoming meeting of the global development bank set to be held in Songdo, west of Seoul, next year, the Finance Ministry said Wednesday.

At a meeting in Seoul, Korea’s Deputy Prime Minister and Finance Minister Choo Kyung-ho signed a memorandum of understanding with ADB President Masatsugu Asakawa to collaborate for the preparation of the meeting, slated for May 2-5, 2023.

In particular, Asakawa suggested establishing a “climate innovation and technology knowledge hub” in Korea, which would become a regional unit of the Manila-based international organization’s effort to tackle climate change.

His suggestion came after Choo stressed the need for supporting financial services and technologies to effectively cope with climate issues. Choo also agreed on the ADB head's idea of setting up a regional hub in Korea.

Alongside the climate issue, the minister suggested ADB's cooperation on health care including vaccine development.

Asakawa made a three-day trip to Korea to visit Songdo Convensia, the venue for the ADB meeting next year and to participate in the 2022 World Bio Summit, hosted by Korea’s Ministry of Health and Welfare, in addition to the meeting with the South Korean fiscal chief.

Under the theme of “Rebounding Asia: Recover, Reconnect, and Reform," Korea and the ADB are planning to foster closer coordination among members at the 2023 gathering.

Korea holds the eighth-largest quota (5.03 percent) in the 68-member ADB, which was established in 1966.

By Kim Yon-se (kys@heraldcorp.com)