AIIB Jin confident of Jeju meeting's success

AIIB chief praises partnership with Korean government

By Nam Hyun-woo

AIIB President Jin Liqun

Asia Infrastructure Investment (AIIB) Bank President Jin Liqun expressed his confidence in the success of its second annual meeting that opens today on Jeju Island.

Thousands of participants at the three-day event from across the world will hold discussions under the theme, “Sustainable Infrastructure.”

“We are very confident the meeting will be a success, thanks, in no small part, to the excellent partnership with the Korean government and the Ministry of Strategy and Finance,” Jin said.

“Around 2,000 delegates have registered to attend, and we look forward to hosting them for a meaningful discussion on how we can improve economic outcomes across Asia.”

The AIIB chief said that the conference would deal with solution-oriented, practical issues.

“We will have leading thinkers and dignitaries discuss a range of topics from private sector investing to energy policy to sustainable cities,” he said.

“Participants can expect to hear thought-provoking discussions and learn practical solutions to important issues, such as how to build green infrastructure in a financially sustainable way, and what strategies can a government use to crowd-in more private capital investment.”

Jin said that the venue for the second AIIB yearly meeting is a perfect fit for this year’s theme.

“The focus of the discussion will be on sustainable infrastructure and how the AIIB can help its members transition to a low-carbon future and meet their nationally defined contributions under the Paris Agreement,” he said. The 2015 Paris Agreement is a global pact aimed at tackling climate change. Almost 190 nations signed it.

“Jeju is the perfect backdrop for the topic of sustainable infrastructure. It is a great example of how a city can successfully integrate sustainable practices into its operations.”

He was referring to Jeju’s efforts to reduce carbon emissions. Under the “2030 carbon zero” initiative, the island is looking to have all cars powered by electricity, while meeting all its energy demand through renewable energy by that year.

The AIIB, which began operations in January 2016 with 57 founding members, has channeled its funds to its first set of projects. Through last month, it has invested $2.18 billion in 13 projects.

Some 20 new countries not only from Asia but also from Europe joined the Beijing-based multilateral investment bank over the past year-and-a-half.

Jin stressed that the AIIB will play a bigger role in the future.

“Asia is at a critical juncture. Its role on the world stage is rising, thanks in large part to its growing economy, demographic changes, technological innovations and, more importantly, enhancements in corporate and state governance,” he said.

“At the AIIB, we have a vision of shared benefits across Asia and beyond. We are optimistic that by working collaboratively with our members, including Korea, we will succeed.”

He said the AIIB will boost the Asian economy through continuous and principle-based investments.

“Our investment portfolio is focused on our three thematic priorities of sustainable infrastructure, private capital mobilization and cross-border connectivity,” he said. “Now in our second year, we have a robust pipeline of projects across our membership. These investments will build the roads, ports, water treatment plants, hydropower stations and electrical transmission lines to help grow Asia’s economy.”

Jin also praised Korean builders’ capacity by saying, “Korea is a shining example of how infrastructure investment can help drive economic growth. One only has to walk around Seoul to see the quality of the work.”