Ministry of Economy and Finance, Incheon City Sign Business Agreement for Asian Development Bank Annual Meeting

[Asia Economy Sejong=Reporter Song Seung-seop] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho signed a Memorandum of Understanding (MOU) with Incheon Mayor Yoo Jeong-bok on the 12th at the Government Seoul Office to ensure the successful hosting of the 2023 Asian Development Bank (ADB) Annual Meeting.

This year's ADB Annual Meeting will be held from May 2 to 4 in Incheon (Songdo Convensia). Approximately 5,000 participants, including finance ministers and central bank governors from 68 member countries, journalists, academics, and non-governmental organizations (NGOs), are expected to attend.

Deputy Prime Minister Choo Kyung-ho stated, "This year's meeting will be the first face-to-face meeting held since COVID-19, and considering our elevated international status and the popularity of Hallyu, the largest attendance in history is expected," adding, "Please prepare thoroughly so that we can share our development experiences and policy directions with member countries and create an opportunity for our companies to expand overseas and for K-culture to spread further."

He continued, "Incheon, the host city, has a special relationship with ADB," and proposed, "We also need thorough quarantine measures and participant safety plans in preparation for the possibility of a COVID-19 resurgence, and let us cooperate closely to ensure a safe meeting."

In response, Incheon Mayor Yoo Jeong-bok said, "It is very meaningful to host the ADB Annual Meeting in Incheon," and promised, "We will actively support the meeting by pooling the capabilities of Incheon, a smart city and international city attracting global attention."

According to the MOU, the Ministry of Economy and Finance will establish and implement the basic plan and detailed execution plans for the annual meeting and related events. They will also prepare the venue and arrange accommodations, transportation, hygiene, and safety measures related to the meeting. In the case of Incheon City, it will create auxiliary convenience facilities at the venue and manage the environment and traffic around the venue. The two institutions will cooperate in sharing necessary materials and related information, as well as in promotion and tourism programs.