Choi Sang-mok "World Bank Should Support Adoption of Digital New Technologies in Middle-Income Countries"

Deputy Prime Minister Attends World Bank Development Committee Meeting

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, who is visiting Washington D.C., USA, to attend the G20 Finance Ministers' Meeting, is shaking hands and taking a commemorative photo with Ajay Banga, President of the World Bank (WB), on the 25th (local time) before their meeting.

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, suggested that "the World Bank should focus on supporting the adoption of digital new technologies such as artificial intelligence to help middle-income countries overcome the middle-income trap and achieve innovation."

On the 25th (local time), Deputy Prime Minister Choi attended the World Bank Development Committee meeting held in Washington DC, USA, and presented this as a way for the bank to be prepared for future challenges such as AI, climate change, and demographic changes.

Deputy Prime Minister Choi welcomed the World Bank's establishment of the Digital Vice Presidency position (appointing Kim Sang-bu as Vice President) and proposed sharing Korea's excellent digital technology and experience with developing countries in cooperation with the World Bank.

He also emphasized the promotion of expanded private sector investment in developing countries. He shared Korea's plan to expand investment in developing countries through various financial resources by utilizing the recently launched K-Finance package as a catalyst.

Furthermore, he stressed the importance of the 21st replenishment of resources for the International Development Association (IDA) to continue supporting low-income countries in addressing global challenges.

He called for joint efforts from the World Bank, donor countries, and recipient countries, and proposed joining forces to ensure the successful hosting of the final IDA replenishment meeting to be held in Korea this December.

Before the Development Committee meeting, Deputy Prime Minister Choi held a meeting with Ajay Banga, President of the World Bank. This was the fourth meeting this year following those in January, April, and July. Deputy Prime Minister Choi and President Banga have been strengthening cooperation, including holding additional WB procurement briefings for Korean companies in November following the one in May.

Both sides agreed to actively cooperate to ensure the successful hosting of the 21st IDA final meeting, which is the most important agenda of the World Bank this year. They also discussed ways to strengthen digital cooperation through trust funds and the World Bank Korea office, considering Korea's competitiveness in the digital sector.

Deputy Prime Minister Choi expressed gratitude for the World Bank's interest in Korea's economic growth process, referring to Korea as a "growth superstar" in the World Development Report published by the World Bank in August, and requested attention to expanding the hiring of Koreans and the proportion of senior positions to reflect Korea's changed status and contributions to the World Bank.