Yoon vows to help economic development of Indo-Pacific region

President Yoon Suk Yeol said Wednesday that South Korea plans to actively contribute to the economic development of the Indo-Pacific region in line with the principles of inclusiveness, trust and reciprocity.

Yoon made the remark during the opening of the 56th annual meeting of the Asian Development Bank (ADB) in Incheon, west of Seoul, referring to the three cooperation principles outlined in South Korea’s Indo-Pacific strategy.

“The South Korean government plans to actively contribute to the Indo-Pacific region’s economic and development cooperation,” he said in congratulatory remarks.

“As a key partner possessing world-class production skills and manufacturing capabilities in emerging industries, such as semiconductors, rechargeable batteries and bio, South Korea will actively participate in building cooperation supply chains with Asian nations,” he added.

Yoon also said South Korea will share its economic development experience for the joint prosperity of ADB member states in the region, and carry out active “contribution diplomacy” to address climate change and the digital gap.

On the sidelines of the annual meeting, South Korea and the ADB signed a memorandum of understanding to launch the ADB-Korea Climate Technology Hub.

Yoon said South Korea will develop the hub into a platform where governments and businesses can share technology, knowledge, and networks, and solve problems together.

“Together with ADB member states, we will walk the path of solidarity for joint prosperity not only in Asia and the Indo-Pacific but in the world,” he said.

The opening ceremony was attended by finance ministers and central bank governors from more than 60 ADB member nations and senior officials from the ADB, the International Monetary Fund, the Organization for Economic Cooperation and Development, and other international organizations.

A total of some 5,000 people are expected to participate in the four-day meeting that runs through Friday.