Korea calls for strong leadership to boost growth in Asia

Published : Mar 24, 2016 - 14:07 Updated : Mar 24, 2016 - 14:07

Asia needs strong leadership to rejuvenate economic growth in the region and help pull millions of people out of poverty, Korean Finance Minister Yoo Il-ho said Thursday.

In a keynote speech at the annual Boao Forum, Yoo also said Korea has focused its policy efforts in reforming the sectors of labor, finance, education and public service.

Finance Minister Yoo Il-ho (Yonhap)

Yoo said Asia is at a "crossroads between growth and stagnation," hit by the high proportion of people living in absolute poverty, a widening income gap and global uncertainty.

"Under the current circumstances, a strong role of reformers is needed to simultaneously boost growth and quality of life," Yoo said.

To enhance economic growth in Asia, Yoo voiced a hope that the Chinese-led Asian Infrastructure Investment Bank (AIIB) would play a leading role in providing project loans to developing nations.

"In order to boost economic growth in Asia, it is important for us to bridge the gap in insufficient infrastructure projects," Yoo said.

With paid-in capital of $100 billion and 57 members, including Korea, the AIIB officially launched earlier this year. It is seen as a potential counterbalance to U.S.-led multilateral lenders such as the Asian Development Bank and the World Bank. (Yonhap)