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| Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, left, and Incheon Metropolitan City Mayor Yoo Jeong-bok pose after signing an MOU for the successful hosting of the Asian Development Bank annual meeting, scheduled to be held in Incheon from May 2 to 5, at the Government Complex Seoul in downtown Seoul, Thursday. Courtesy of Ministry of Economy and Finance |
By Yoon Ja-young
The finance ministry and Incheon City signed a memorandum of understanding (MOU), Thursday, to ensure the successful hosting of the 56th Asian Development Bank (ADB) Annual Meeting in the western port city. Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho and Incheon Metropolitan City Mayor Yoo Jeong-bok signed the MOU for the event scheduled to be held in Songdo, Incheon from May 2 to 5.
Around 5,000 people, including finance ministers and central bankers from 68 ADB member countries, delegations from international organizations, major public institutions, enterprises, academia, NGOs and the media are expected to participate in the event held under the theme "Rebounding Asia: Recover, Reconnect, and Reform."
Choo said that the annual meeting this year, which is taking place offline for the first time since the outbreak of the COVID-19 pandemic, is expected to see the biggest number of participants, attesting to Korea's advanced global status and the popularity of Korean culture. The meeting was previously held in Korea twice: in Jeju in 2004 and in Seoul in 1970.
Located 28 kilometers away from Seoul, Incheon is the third largest city in the country with some 2.9 million people. It has Incheon International Airport as the gateway to Korea and has held numerous large-scale international conferences. It houses headquarters and national offices for international organizations such as the Green Climate Fund Secretariat and the World Bank Korea Office.
The minister stressed the importance of thorough preparation for the event, which will be a chance to share Korea's development experience and policy directions with other member countries, as well as helping Korean businesses' advancement into markets overseas while expanding Korean culture abroad.
He also mentioned Incheon's special ties with the ADB ― the city's major highway and port were built on loans provided by the ADB.
Yoo said it is very meaningful for the city to be the venue for the special event, vowing full-fledged support for its success.
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