South Korea's Ministry of Economy and Finance reported on Deputy Prime Minister and Minister Gu Yun-cheol's participation in the ASEAN+3 finance ministers and central bank governors meeting and the Asian Development Bank's 59th Annual Meeting in Samarkand, where he set out three policy priorities in his governor's speech: stabilising supply chains, advancing the green transition and expanding artificial intelligence adoption. The main concrete outcome was the signing of a memorandum of understanding with the Asian Development Bank to establish the Center for AI Innovation and Development in Korea, which is intended to apply AI to ADB development projects and support developing countries' adoption and use of the technology. In his speech, Gu backed ADB's Critical Minerals-to-Manufacturing Financing Partnership Facility to diversify critical minerals supply chains and said Korea would support ADB's green projects, arguing that reducing reliance on fossil fuels can also ease energy price volatility. Korea plans to support the new AI centre through its trust fund as part of a broader effort to attract international organisations' AI regional offices to Korea. On the sidelines, Gu discussed energy import diversification, next year's ASEAN+3 co-chairing and the recent inclusion of Korean government bonds in the World Government Bond Index with Japan and Singapore, and told IMF First Deputy Managing Director Kenji Okamura that Korea's economy grew 1.7 percent quarter on quarter in the first quarter and that the government is responding to recent Middle East developments with a KRW 26.2 trillion supplementary budget financed by excess tax revenue to support vulnerable groups.
Ministry of Economy & Finance (South Korea) 2025-05-06
South Korea's Ministry of Economy and Finance signs MoU for ADB AI center in Korea and backs critical minerals supply chain initiative
South Korea’s Ministry of Economy and Finance highlighted Deputy Prime Minister Gu Yun-cheol’s participation in ASEAN+3 and Asian Development Bank meetings, where he set priorities on supply chain stability, the green transition and AI adoption. A key outcome was an MoU with the ADB to establish the Center for AI Innovation and Development in Korea, supported through Korea’s trust fund to apply AI in ADB projects and assist developing countries. Gu also discussed regional energy diversification, ASEAN+3 co-chairing, Korean government bonds’ inclusion in the World Government Bond Index, and a KRW 26.2 trillion supplementary budget funded by excess tax revenue to support vulnerable groups.