WB Holds First In-Person Meeting in Korea Since COVID-19... Ministry of Economy and Finance to Provide $30 Million Support

WB, IDA, and Ministry of Economy and Finance to Hold 'International Conference on Innovative Technologies' on the 5th

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The World Bank (WB) Korea Office, the International Development Association (IDA), and the Ministry of Economy and Finance held their first face-to-face meeting since the COVID-19 pandemic to explore ways to strengthen economic cooperation. This event was also held in conjunction with the 19th IDA Innovation Technology Workshop.

The Ministry of Economy and Finance announced on the morning of the 5th that it jointly hosted the 'International Conference on Innovation Technology' with WB and IDA at the Shilla Hotel in Seoul. During the meeting, discussions were held on the introduction of the Korean New Deal, innovation technology development challenges in IDA recipient countries, and directions for Korea-WB cooperation in the field of innovation technology.

The Ministry stated that it will support the WB Korea Office with $30 million from 2021 to 2023 to contribute to global economic recovery through the activation of innovation technology. Yoon Tae-sik, Director General for International Economic Affairs at the Ministry, said, "In the severe economic and health crisis caused by COVID-19, the utilization of innovation and digital technologies will be a key factor in preparing for changes in economic and social structures."

He added, "The Korean government has announced and is promoting the Korean New Deal policy to accelerate the transition to a digital economy."

Victoria Kwakwa, Vice President for East Asia and the Pacific at the WB, responded, "We plan to develop the World Bank Group Korea Office into a new innovation technology hub," and expressed gratitude to the Korean government for its support.

Akihiko Nishio, Vice President for Development Finance, said, "Korea is leading the innovation technology agenda in the international community," and added, "Korea, which has directly demonstrated the potential of utilizing innovation technology, serves as a model example for other low-income countries."

The government plans to actively share its policies with developing countries and international financial institutions. Furthermore, it will continuously pursue global policy coordination activities by exploring various cooperation measures.

Meanwhile, the meeting was attended by ambassadors from key countries including Paraguay, Colombia, Honduras, Rwanda, Costa Rica, and the Dominican Republic, as well as Kim Jae-kyung, Executive Director of KT Economic Management Research Institute, and Ko Sang-won, Director of the Korea Information Society Development Institute.