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| President Yoon Suk Yeol delivers congratulatory remarks at the opening ceremony of the Asian Development Bank's 56th annual meeting held at Songdo Convensia, Incheon, Wednesday. Korea Times photo by Choi Won-suk |
By Lee Yeon-woo
INCHEON ― Korea will contribute to forming a cooperative supply chain in Asia that includes semiconductors and rechargeable batteries, President Yoon Suk Yeol said, Wednesday. He also pledged that Korea will play a role in combating climate change and bridging the digital divide.
"As a core partner with world-class production technology and manufacturing capacity in semiconductors, rechargeable batteries, and the bio-industry, Korea will actively participate in forming a cooperative supply chain with Asian countries," Yoon said at the opening ceremony of the 56th annual meeting of the Asian Development Bank (ADB) held in Songdo Convensia, Incheon.
Yoon pointed out that the plan is based on his administration's Indo-Pacific strategy, which was announced during the ASEAN Summit last November. As Korea's first regional foreign policy blueprint, the Indo-Pacific strategy seeks to expand the country's diplomatic boundaries in regions including Southeast Asia and Oceania.
"Geopolitical conflicts, the Ukraine War, along with the fragmentation of the global supply chain due to the spread of protectionism, are becoming new challenges," Yoon said. "However, I believe that Asia can effectively respond to these challenges through cooperation, given that the region comprises countries with abundant mineral resources, outstanding manufacturing capacities, cutting-edge technology, and highly skilled workforces."
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| Dignitaries, including Asian Development Bank (ADB) President Masatsugu Asakawa, second from right, listen to President Yoon Suk Yeol's congratulatory remarks at the opening ceremony of the ADB's 56th annual meeting held at Songdo Convensia, Incheon, Wednesday. Korea Times photo by Choi Won-suk |
Yoon added that Korea will play an active role in combating climate change and narrowing the digital divide, and also share its experience of economic growth with other ADB member countries.
"I hope that ADB can create a new model that focuses on solidarity and cooperation between countries," he said.
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| Deputy Prime Minister and Minister of Economy and Finance Choo Kyoung-ho speaks at the opening ceremony of the Asian Development Bank's 56th annual meeting at Songdo Convensia, Incheon, Wednesday. Korea Times photo by Choi Won-suk |
During the meeting, ADB and Korea agreed to jointly launch a climate technology hub that will enable governments and private corporations to share their technology, knowledge, and networks to collaboratively address issues related to climate change. In addition, Korea pledged to be an initial partner of ADB's newly-launched project, "Innovative Finance Facility for Climate in Asia and the Pacific" (IF-CAP), which aims to provide funding to developing countries affected by climate-related events.
In response, ADB President Masatsugu Asakawa expressed gratitude for Korea's efforts.
High-profile officials, such as finance ministers and central bank governors from around the world, CEOs of domestic corporations and financial institutions, as well as politicians, attended the ceremony to celebrate ADB's first in-person meeting since the outbreak of COVID-19.
The Business Sessions of the ADB Board of Governors will be held on Thursday, during which the bank's budget and action plans for 2024 will be determined.
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| Participants watch a video during the opening ceremony of the Asian Development Bank's 56th annual meeting held at Songdo Convensia, Incheon, Wednesday. Korea Times photo by Choi Won-suk |
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