By Park Hyong-ki, Nam Hyun-woo
SEOGWIPO, Jeju Island — President Moon Jae-in said Friday Korea will serve as a bridge between developed and emerging countries by increasing its contributions to the Asian Infrastructure Investment Bank (AIIB).
"The direction which the AIIB is pursuing is in line with the Korean government's approach to drive economic growth," Moon said at the opening ceremony of the multilateral bank's second annual meeting at the Jeju International Convention Center. "As a key member, Korea will also increase its contributions of materials and human resources to the bank."
The AIIB meeting began its three-day run under the theme of "Sustainable Infrastructure." More than 2,500 participants from business and the public sector from around the world gathered here to bring together their collective experiences.
The gathering is the first AIIB annual meeting held outside of China and the first international event Moon has attended as head of state.
A day earlier, Strategy and Finance Minister Kim Dong-yeon and AIIB President Jin Liqun agreed Korea will inject $8 million into an AIIB fund this year to support the banks' infrastructure projects for emerging countries.
Korea will become the second country following China to join the fund, named the AIIB Project Preparation Special Fund, established last July. China promised to inject $50 million into the fund, which has attracted $30 million so far.
The AIIB said it is committed to pursuing sustainable development in its investments and is actively working to facilitate its clients' transition to a less carbon-intensive energy mix.
"Our approach is to support economic and social development by investing in infrastructure and other productive sectors," AIIB President Jin said.
"We will not, and cannot, change the course of the planet alone, but we will step up, alongside our members and partners, to do our part to build a sustainable tomorrow."
Finance Minister Kim also said the Korean government's policy direction is in tandem with the AIIB, and pledged the Moon administration "will fully support AIIB's pursuit of Sustainable infrastructure."
The Korea Water Resources Corporation (K-water) decided to invest $120 million for the AIIB project of building the Nenskra hydropower plant in Georgia. Along with K-water, AIIB will channel $87 million and the Asian Development Bank (ADB) will spend $150 million for the $1 billion project.
The AIIB was established a year and a half ago as an alternative to the World Bank and the ADB.
The AIIB has 77 members and Jin said the number will increase to 80 soon. China has a 32.33 percent stake in the bank, followed by India's 9 percent and Russia's 7 percent. Korea has a 4 percent stake with a voting right of 3.73 percent.
Moon stresses inclusive growth
In his speech, Moon stressed that infrastructure investments should be made for "sustainable growth, inclusive growth and job creation." Those values are in line with the new President's election pledges.
"We intend to raise the proportion of renewable energy to 20 percent by 2030," he said. "Korea will scale down coal-fired power generation and move closer toward a post-nuclear-powered economy. We will share our experiences in building sustainable infrastructure with AIIB members."
Also, Moon said investments in infrastructure create jobs in the fields of construction, manufacturing and service sectors.
"Not only Korea, but also the rest of the world suffers from growth without employment and youth unemployment," Moon said. "Infrastructure investment will create quality jobs for the unemployed and will bring new economic opportunities."
SEOGWIPO, Jeju Island — President Moon Jae-in said Friday Korea will serve as a bridge between developed and emerging countries by increasing its contributions to the Asian Infrastructure Investment Bank (AIIB).
"The direction which the AIIB is pursuing is in line with the Korean government's approach to drive economic growth," Moon said at the opening ceremony of the multilateral bank's second annual meeting at the Jeju International Convention Center. "As a key member, Korea will also increase its contributions of materials and human resources to the bank."
The AIIB meeting began its three-day run under the theme of "Sustainable Infrastructure." More than 2,500 participants from business and the public sector from around the world gathered here to bring together their collective experiences.
The gathering is the first AIIB annual meeting held outside of China and the first international event Moon has attended as head of state.
A day earlier, Strategy and Finance Minister Kim Dong-yeon and AIIB President Jin Liqun agreed Korea will inject $8 million into an AIIB fund this year to support the banks' infrastructure projects for emerging countries.
Korea will become the second country following China to join the fund, named the AIIB Project Preparation Special Fund, established last July. China promised to inject $50 million into the fund, which has attracted $30 million so far.
The AIIB said it is committed to pursuing sustainable development in its investments and is actively working to facilitate its clients' transition to a less carbon-intensive energy mix.
"Our approach is to support economic and social development by investing in infrastructure and other productive sectors," AIIB President Jin said.
"We will not, and cannot, change the course of the planet alone, but we will step up, alongside our members and partners, to do our part to build a sustainable tomorrow."
Finance Minister Kim also said the Korean government's policy direction is in tandem with the AIIB, and pledged the Moon administration "will fully support AIIB's pursuit of Sustainable infrastructure."
The Korea Water Resources Corporation (K-water) decided to invest $120 million for the AIIB project of building the Nenskra hydropower plant in Georgia. Along with K-water, AIIB will channel $87 million and the Asian Development Bank (ADB) will spend $150 million for the $1 billion project.
The AIIB was established a year and a half ago as an alternative to the World Bank and the ADB.
The AIIB has 77 members and Jin said the number will increase to 80 soon. China has a 32.33 percent stake in the bank, followed by India's 9 percent and Russia's 7 percent. Korea has a 4 percent stake with a voting right of 3.73 percent.
Moon stresses inclusive growth
In his speech, Moon stressed that infrastructure investments should be made for "sustainable growth, inclusive growth and job creation." Those values are in line with the new President's election pledges.
"We intend to raise the proportion of renewable energy to 20 percent by 2030," he said. "Korea will scale down coal-fired power generation and move closer toward a post-nuclear-powered economy. We will share our experiences in building sustainable infrastructure with AIIB members."
Also, Moon said investments in infrastructure create jobs in the fields of construction, manufacturing and service sectors.
"Not only Korea, but also the rest of the world suffers from growth without employment and youth unemployment," Moon said. "Infrastructure investment will create quality jobs for the unemployed and will bring new economic opportunities."
