Emphasizes importance of inclusive growth to enhance growth sustainability and potential while delivering a keynote speech as governor at 2018 ADB Annual Meeting
Deputy Prime Minister and Minister Kim Dong-yeon of the Ministry of Strategy and Finance (MOSF) delivers a key-note speech as a governor at the 51st Annual Meeting of ADB's Board of Governors at the Asian Development Bank (ADB) headquarters in Manila on May 5. (Photo: MOSF)
Deputy Prime Minister and Minister Kim Dong-yeon of the Ministry of Strategy and Finance (MOSF) asked for ADB member countries and the international community to provide support and cooperation in Korea¡¯s future efforts to realize the ¡°Panmunjom Declaration.¡±
Deputy Prime Minister Kim made the remarks at a keynote speech as a governor at the 51st Annual Meeting of ADB's Board of Governors at the Asian Development Bank (ADB) headquarters in Manila. He led a Korean delegation to the ADB annual meeting that took place from May 3 to May 6 under the theme ¡°Liking People and Economy for Inclusive Development.¡±
¡°The two Koreas have taken a meaningful step toward peace and co-prosperity of the Korean Peninsula through the inter-Korean Summit. I believe that this will be a giant step for the stability and development of the Asia Pacific region and further, the global community,¡± he said.
DPM Kim explained the Korean government¡¯s economic policy paradigm shift to focus more on people through an income-led growth strategy. He stressed the importance of inclusive growth to enhance growth sustainability and potential.
Kim proposed aggressive investments in human development to brace for the 4th Industrial Revolution and expanded collaboration among various development partners, including the private sector.
¡°The key to ¡®Inclusive Growth¡¯ is establishing a virtuous cycle between economic growth and human development that can be fully enjoyed by all the people,¡± he said. ¡°Korea would like to contribute more to building human capital in the region through ADB Korea Trust Fund and Knowledge Sharing Programs.¡±
¡°To address this challenge and achieve inclusive growth, we need to combine our resources and expertise to produce synergy,¡± he said. ¡°Private sector, in this context, should be encouraged to be more active in filling the infrastructure gap and complementing expertise needed for inclusive development, and I hope that ADB will play a key role in creating favorable environment that attracts active participation of the private sector.¡±
The ADB annual meeting attracted about 4,000 people, including ADB member governors, government delegations, international financial institution officials, academicians and company officials.
ADB governors¡¯ meeting approved the ADB 2017 Annual Report, including ADB business performances and financial statements and the 2018 budget. The ADB provided financial support for development projects worth a combined $32.2 billion in the Asia-Pacific region. By area, South Asia topped with a 33.6 percent share, followed by Central Asia with 28.4 percent, Southeast Asia with 20.1 percent and East Asia with 13.3 percent and the Pacific with 3.7 percent. Each governor shared views on ways of cooperating for inclusive development in Asia and ADB¡¯s roles at their general assembly meeting.
Meanwhile, in a speech at an opening ceremony, ADB President Takehiko Nakao said development of such technologies as ICT is predicted to dominate growth in the region in the years to come. He stressed each government¡¯s efforts lest such technology development should deepen disparity among classes. He spoke of priority tasks, including responses to poverty and inequality in the region, gender equality and responses to climate change the ADB wants to implement in a mid- and long-term perspective.
South Korea will make efforts to provide support to North Korea via the ADB even though ADB¡¯s support to non-member countries is rare, Deputy Prime Minister Kim said at a meeting with reporters on the sidelines of the ADB annual meetings on May 5. DPM Kim met with ADB President Nakao and asked for his concern on ADB¡¯s roles in inter-Korean economic cooperation according to the improvement of inter-Korean relationships.
Concerning the raising of an inter-Korean economic cooperation following the latest inter-Korean summit talks, DPM Kim said financial support by such international financial institutions as the IMF was limited. Kim, saying that there were such four cases, said South Korea was studying possible scenarios.
¡®BOK Cautious about Base Rate Rise¡¯
Gov. Lee Ju-yeol of the Bank of Korea indicated a cautious attitude toward a rise in the benchmark interest rate ahead of a rate-setting session of the Monetary Policy Committee slated for late May.
¡°Attention is focused on real indexes like consumption, investment, tourists and employment rather prices,¡± he said at a meeting with reporters on the sidelines of the ASEAn+3 Finance Ministers and Central Bank Governors Meeting in Manila on May 3.
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