South Korea’s Ministry of Economy and Finance cohosts global summit on AI and digital development

South Korea’s Ministry of Economy and Finance is cohosting the Global AI and Digital Summit with the World Bank Group and other partners in Seoul from Oct. 20 to 22. The event focuses on using artificial intelligence and digital technology to create jobs, raise productivity and expand growth opportunities in developing countries. Held outside Washington for the first time, the World Bank Group’s annual summit brings together about 900 participants from more than 160 countries to discuss digital access, trusted AI use and applications in sectors including agriculture and health. In opening remarks, Deputy Prime Minister and Minister of Economy and Finance Lee Hyoung-il outlined South Korea’s ongoing effort to establish a global AI hub bringing together cooperation centers from six multilateral development banks. The World Bank Global AI and Digital Knowledge Center in Songdo, which opened in December 2025, and a Korean-funded World Bank AI and Digital Fund support developing countries’ adoption of AI solutions. The fund’s first approved project following the center’s establishment supports the expansion of a medicine tracking system from Mozambique to neighboring countries, incorporating AI to detect anomalous transactions and improve demand forecasting. South Korea also plans to identify projects tailored to developing countries’ needs through its K-AI package. At an Oct. 19 meeting, Lee and World Bank Group President Banga agreed to draw on South Korea’s AI capabilities and implementation experience in cooperation with developing countries. They also discussed applying Korean nuclear power experience and technology to energy supply in developing countries. Banga expressed support for expanding Korean corporate investment in those countries and cooperation on mobilizing private capital.