Korea seeks to host global conferences on development financing

South Korea’s Deputy Prime Minister and Finance Minister Yoo Il-ho said that the government will seek to host annual conferences for the Asian Infrastructure Investment Bank in 2017 and the African Development Bank in 2018.

In a meeting with economic-related ministers in Seoul on Thursday, Finance Minister Yoo said this comes as Asia’s fourth-largest economy seeks to expand its presence in international aid and development financing.

“Korea needs to further expand its role and strengthen ties with AIIB and AfDB,” he said.

“The government has been pushing to increase its influence since joining AIIB to pave the way for local private companies to further make inroads into Asian infrastructure markets,” the finance minister added.

Korea’s partnerships with African economies through AfDB will also offer opportunities for the two sides to boost exchanges in economic development know-how.

The AIIB conference in 2017 and the AfDB conference in 2018 in Korea will help the country boost its image and raise its voice in global development aid, Yoo said, urging ministers to collaborate with one another in efforts to host the meetings.

The partnerships with Africa and Asian emerging economies will also revitalize Korean exports, he added, reiterating the need for industrial reforms to create new industries and jobs that can boost Korea’s economic sustainability.

He also suggested ministers draw relevant policies that can help local companies to use the Arctic route linking Asia with Europe, as part of the incumbent government’s Eurasia Initiative that aims to integrate Asia and Europe via transport and energy infrastructures.

“The Arctic connecting Asia with Europe is closely aligned with the government’s Eurasia Initiative,” he said, adding that policies should further be devised to encourage the private sector to take part in trading, and science and environmental research in the Arctic.

By Park Hyong-ki (hkp@heraldcorp.com)