The 56th Annual Meeting of the ADB Board of Governors took place in Incheon from May 2 to 5, bringing together about 5,000 financial policymakers, finance and economic planning ministers, representatives of the multilateral development bank community, investment bankers, and representatives of nongovernment organizations.
The annual meeting, the first in-person annual meeting since 2019, was held under the theme “Rebounding Asia: Recover, Reconnect and Reform.”
Co-chairing the meeting were Deputy Prime Minister and Minister Choo Kyung-ho of the Ministry of Economy and Finance.
This was the third time the Republic of Korea hosted the ADB Annual Meeting.
Korea hosted ADB’s 37th Annual Meeting in Jeju Island in 2004 and the 3rd Annual Meeting in Seoul in 1970. Korea is a founding member of ADB.
The Annual Meeting is the largest gathering of the bank and a unique opportunity for ADB Governors to engage in focused discussion on development issues and challenges facing Asia and the Pacific.
In his speech at the opening ceremony of the 56th ADB annual meeting on May 3, President Yoon Suk-yeol pledged solidarity with ADB for global co-prosperity.
“Korea along with ADB(Asian Development Bank) member countries will walk the path of solidarity beyond Asia and the Indo-Pacific toward global co-prosperity,” President Yoon said.
Deputy Prime Minister-MOEF Minister Choo and ADB President Masatsugu Asakawa held bilateral talks and struck an MOU to establish “K-hub,” designed to share clime change expertise in the region.
Under the deal, Korea and ADB will inaugurate the ADB-Korea Climate Technology Hub, also known as “K-Hub,” in Seoul next year.
This initiative is to establish hubs that assume tasks of coping with climate change issues in Asia in the ADB headquarters and the ADB member countries.
Finance ministers and central bank chiefs from Korea, Japan and China, including Korean MOEF Minister Choo Kyung-ho, Bank of Korea (BOK) Gov. Rhee Chang-yong, pose side by side prior to their meeting at Oakwood Premier Incheon in Songdo on May 2.
On the first day of the meeting, financial ministers and governors of the Association of Southeast Asian Nations Plus Three - 10 ASEAN member countries plus Korea, China and Japan — went into a close-door session.
A finance ministers and governors’ meeting among Korea, Japan and China became the subject of focal point during the ADB Annual Meeting.
Even though the recent Russia-Ukraine war has established a global “New Cold War” situation, policymakers of Korea, China and Japan agreed to ramp up financial cooperation in the region.
MOEF Minister Choo met with his Japanese counterpart, Finance Minister Shunichi Suzuki, to restore relations following summit talks of both countries. It was the first time in seven years the two top economic ministers held such a meeting.
MOEF and the National Research Council for Economics, Humanities and Social Sciences (NRC) held the “Korea Seminar Day,” an event of the host country of the ADB Annual Meeting on May 2.
The event, designed to discuss Asia’s pending issues and Korea’s roles, invited Korean and international academic figures, including experts from Korean research and international institutions.
MOEF held the “Project Plaza” in cooperation with the Ministry of Trade, Industry and Energy (MOTIE), KOTRA and the Export-Import Bank of Korea (KEXIM) between May 3 and May 4.
According to MOEF, the first-in-person annual meeting since the spread of the COVID-19 pandemic brought together not only related ADB officials, but also about 40 infrastructure, energy, smart city sector procurement companies.
Korean Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho speaks at a Korean-Japanese finance ministers’ meeting on the sidelines of the 56th ADB Annual Meeting, in Songdo Conventia, Incheon, on May 2. (Photos: MOEF)
On May 3, ADB held a project briefing session. On May 4, about 160 Korean companies held one-on-one negotiation sessions with 40 foreign procurement companies from 23 countries.
In particular, the U.S. Commerce Department and U.S. companies, including GE and Trimble, held meetings on partnerships to implement joint projects in the third country markets.
Korean institutions, including KOTRA, KEXIM, KIND and K-sure, assembled at the Project Plaza session to explore and solve grievances and complaints Korean companies experience to win overseas projects.
KEXIM introduced overseas market entry cases through the Korean government’s economic cooperation programs, such as the Knowledge-Sharing Program (KSP) and the Economic Innovation Cooperation Partnership (EIPP).
Foreign participants at the 56th ADB Annual Meeting were given the chance to have a first-hand look at Korea’s technology prowess and explore partnerships in areas, such as smart city, nuclear power, future transportation, and green/digital technology.
Korean 15 institutions, including the Korea Development Bank, as well as 33 Korean companies had joined forces to showcase their latest technologies and future growth engines.
Korea gave the Korea Business Briefing on May 4 with a focus on smart city, future mobility, eco-friendly technology and energy, and digital transformation — the four areas with which Korea and ADB member countries have greater demand levels for mutual cooperation.
Korea also held the Korea Business Showcase, designed to help Korean companies demonstrate their advanced technologies and capabilities, between May 2 and May 4.
In his opening speech at the Korea Business Briefing, MOEF 2nd Vice Minister Choi Sang-dae said, “Korea wants to be an optimal partner in the perspectives of technology, financing and experience.”
Korea will support large-sized projects through creation of multiples of financing using diverse policy funds and investment based on its outstanding technology prowess, such as smart city, eco-friendly energy, and future mobility, share economic development cases and experiences to prepare for the future.
The smart city session suggested ways of collecting and utilizing urban data, a core part of efforts to build a smart city a blueprint on the future of a smart city.
Thirty-three Korean innovation company exhibitors displayed their products and solutions and formed zones to experience them at the Korea Business Showcase, which took place at the lobby of the venue of the ADB Annual Meeting and networking hub from May 2 to 5.
Eight exhibitors of the theme “Smart City” demonstrated diverse platforms, such as urban safety management, energy conservation, and location-based information. The exhibits are a combined utilization of future technologies.
Among the major exhibits in focus under the theme “Mobility” were a UAM model, a real-time signal system, and security and road sensing solutions for self-driving.
Eleven exhibitors of the theme “Eco-friendly Energy” included Korea Hydro & Nuclear Power (KHNP) and Korea Electric Power Corp. (KEPCO).
KHNP showcased the next-generation APR 1400 and SMR smart net-zero city model while KEPCO unveiled renewable energies, such as green hydrogen, next-generation photovoltaic power and off-shore wind power.
Among the exhibitors of the theme “Digital Transformation” were Korea Credit Guarantee Fund (KODIT) and six banks.
KODIT showcased the Business Analytics System on AI (BASA), an intelligent corporate management diagnosis solution.
Eight banks, including KB Kookmin, Shinhan, Woori, Hana, and NongHyup banks, demonstrated futuristic financing services adopting advanced technologies, such as bio-verification, metaverse and blockchain.
Visitors at the ADB Annual Meeting were given the chance to drink coffee, offered by robot baristas and experience some of the exhibits in a casual fashion.
_제56차 ADB 연차총회전경02.jpg)
_추경호부총리-한일 재무장관회의.JPG)
