Korean Govt. to Provide 4 Billion Won to International Minerals Supply Chain Fund
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Korean Govt. to Provide 4 Billion Won to International Minerals Supply Chain Fund
DPM Choo meets with WB President and finance ministers from Ukraine and Qatar

15(Wed), Nov, 2023




Deputy Prime Minister-Minister of Economy and Finance Choo Kyung-ho attends a ceremony to inaugurate the Resilient and Inclusive Supply-chain Enhancement Partnership (RISE) on the sidelines of the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund in Maarakesh, Morocco, on Oct. 11. (Photos: Yonhap News Agency)


The government will offer $3 million (about 4 billion won) to a supply-chain fund of core minerals, being initiated primarily by major G7 countries, including the United States, UK and Japan.

The Resilient and Inclusive Supply-chain Enhancement Partnership (RISE) aims to raise a combined $40 million. 

Under the partnership, the money will be put to build a system in which minerals from export countries in Southeast Asia and Africa are processed there, instead of in other countries like China. 

Deputy Prime Minister-Minister of Economy and Finance Choo Kyung-ho attended a ceremony to inaugurate the RISE in Maarakesh, Morocco, on Oct. 12. 




Deputy Prime Minister-Minister of Economy and Finance Choo Kyung-ho speaks at the first session on the strengthening of roles by multi-development banks at the G20 finance ministers and central bank governors’ meeting in Maarakesh, Morocco, on Oct. 12.


DPM Choo expressed hope amidst the recent rising risk for core minerals’ supply chains, RISE will serve as an opportunity to create added values and new growth momentum for not only developing countries’ conventional mining, but also processing and producing products. 

The inauguration ceremony coincides with the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF), which took place from Oct. 9 to Oct. 15. 

The launch of RISE followed the G7 Summit in Tokyo in May, which laid a common “de-risking” approach on China. 

At that time, the G7 released a statement calling for investing in each country’s economic vitality and reducing excessive dependence on core supply chains. 

The initial funds for the partnership will be raised from signatory countries, such as Japan, Canada, Italy and Korea. 

Minerals-rich countries in Africa and Southeast Asia have ended up simply mining resources, but the support under RISE is designed to disperse supply chains’ dependence on China. 

Currently, advanced industries, such as batteries and photovoltaic power are not finding it easy to produce finished products without help from China. 




Deputy Prime Minister-Minister of Economy and Finance Choo Kyung-ho speaks on the strengthening of supply chain networks at an event on the launch of the Resilient and Inclusive Supply-chain Enhancement Partnership on Oct. 11. 


In particular, as for minerals, such as lithium hydroxide, essential for producing batteries, China with lots of refinery plants dominated the global refinery market. 

Korea depended on China for 87 percent of its lithium hydroxide last year. 

Deputy Prime Minister Choo Kyung-ho met with World Bank (WB) president and finance ministers from Ukraine and Qatar on the sidelines of the launch event of the Resilient and Inclusive Supply-chain Enhancement Partnership (RISE) and the Ukraine Roundtable held in Marrakesh, Morocco on Oct. 11.




DPM Choo shakes hands with World Bank President Ajay Banga prior to their meeting on the sidelines of the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund on Oct. 11.


DPM Choo met with World Bank President Ajay Banga, for the third time, following their previous meetings at the G20 Finance Ministers' Meeting in July and the G20 Summit in September, to discuss measures to enhance cooperation between Korea and the WB.

DPM Choo pledged Korea’s contribution to achieving the new goal of “on a livable planet” by increasing the green growth trust fund from the current $50 million (2020-2023) to $80 million (2024-2027). 

He also called for close cooperation between Korea and the WB in assisting Ukraine’s recovery.




Deputy Prime Minister-Minister of Economy and Finance Choo Kyung-ho delivers a speech at the Ukraine Round Table of 2023 Annual Meetings of the World Bank Group and the International Monetary Fund. 


Banga responded that Korean companies and manpower with abundant development experience and knowledge accumulated throughout the harsh post-war period will be of great assistance in rebuilding Ukraine. 

Immediately after the Ukraine Roundtable, DPM Choo had talks with Ukrainian Finance Minister Sergii Marchenko. 

DPM Choo sought Ukraine’s support to ensure an expeditious conclusion of the Framework Agreement of the Economic Development Cooperation Fund (EDCF), a follow-up measure to Korea’s $2.3 billion support package for Ukraine.
 
Moreover, he asked for Ukraine’s support for South Korea's membership in the Multi-agency Donor Coordination Platform for Ukraine. 

He also added that significant success would be achieved when Korea's experience, knowledge, and technology are combined with the determination of the Ukrainian people towards nation rebuilding.

DPM Choo met with Qatari Finance Minister Ali bin Ahmed Al Kuwari to discuss mutual economic cooperation measures including seeking investment opportunities between the two countries and enhancing collaboration in the energy and infrastructure sectors.

DPM Choo mentioned that the two countries have maintained bilateral ties through active trade in natural gas and crude oil as well as infrastructure construction. 

He called for Qatar’s interest and cooperation in expanding collaboration in emerging industries as well such as the hydrogen economy and renewable energy.

At the end of the meeting, DPM Choo noted that Busan is currently bidding for the World Expo 2023, asking for Qatar's support in this endeavor.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho will participate in the 2023 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WB). 

Deputy Prime Minister Choo headed a Korean delegation to the annual meetings. 

The delegation included the governor of the Bank of Korea and heads and representatives of commercial banks, including Shinhan Financial Group, Kookmin Financial Group, Hana Financial Group, NH Financial Group, Woori Bank, Korea Development Bank, IBK, and Korea Eximbank, as well as representatives of other financial institutions and the financial industry, including the Korea Financial Investment Association.

The Annual Meetings of the International Monetary Fund (IMF) and the Board of Governors of the World Bank Group (WBG) brought together central bankers, ministers of finance and development, private sector executives, representatives from civil society organizations and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness. 


   
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