South Korea is set to host an annual meeting of the Asia Development Bank (ADB) in Incheon next week, the finance ministry said Monday, where Asia’s No. 4 economy aims to increase its involvement in tackling poverty across the region.
The 56th Annual Meeting of the Board of Governors of the Asian Development Bank will run for four days starting May 2 in Songdo, Incheon, 36 kilometers west of Seoul, under the slogan “Rebounding Asia: Recover, Reconnect, and Reform,” according to the Ministry of Economy and Finance.
The upcoming annual ADB event will be the bank’s first in-person gathering since the pandemic began, and around 5,000 officials are expected to be invited, including member countries’ finance ministers and central bank governors, according to the ministry.
“Through the event, South Korea will share its experience of development and will promote its contributions made to the region,” the ministry said in a statement. “We will also suggest future agenda items for Asia.”
During the meeting, South Korea and the ADB will share opinions on the establishment of the so-called K-Hub with a goal of opening it in 2024. The body will aim to share South Korea’s advanced climate-related technologies to developing nations.
The K-Hub can also collaborate with other global organizations based in Songdo, such as the Green Climate Fund and the Global Green Growth Institute, the ministry added.
On the margins of the event, South Korea will also host a trilateral meeting of finance ministers with China and Japan, along with the ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting.
A bilateral meeting of finance ministers with Japan is also under discussion, an official from the finance ministry said.
The Manila-based bank has 68 member countries. South Korea was among the first nations to join the ADB in 1966.
Asia’s No. 4 economy became a donor country in the bank in 1988.
The event will mark the third of its kind to be held in South Korea. The country previously held ADB annual meetings in 1970 and 2004.
Source: Yonhap News Agency