The Asian Development Bank (ADB) is establishing a cooperative office in Korea. The 'Korea Climate Technology Hub (K-Hub)' will focus on knowledge sharing and project collaboration related to climate technology and is set to open in Seoul.
According to the Ministry of Economy and Finance on the 24th, Deputy Prime Minister and Minister Gu Yoon-cheol signed an agreement to establish the K-Hub in a video conference with ADB President Masato Kanda at the Government Seoul Complex on the 22nd. This hub will officially open after receiving approval from the National Assembly.
The Korea Climate Technology Hub will serve as a platform to enhance climate response cooperation with countries in the Asian region. It will share technological and policy experiences, connect new projects, and function to build a regional network.
It has been over a decade since a multilateral development bank established a base in Korea, following the World Bank (WB) Korea office. The government expects that the establishment of this office will enhance Korea's status in the international finance and development cooperation field.
During the agreement signing ceremony, Deputy Prime Minister Gu said, 'I hope cooperation will expand in supporting the Asian region using advanced technologies such as AI.' He also invited President Kanda to the Asia-Pacific Economic Cooperation (APEC) finance ministers' meeting and structural reform ministers' meeting to be held in Incheon in October.
President Kanda responded, 'I appreciate Korea's contributions and will positively consider the invitation to the APEC meeting.'
Meanwhile, ADB recently established a vice president-level position to oversee external cooperation in response to the decline of multilateralism, appointing former International Monetary Fund (IMF) Director Kim Seong-wook as Chief Partnership Officer. Deputy Prime Minister Gu noted, 'I hope more Korean personnel will be active at ADB,' to which President Kanda replied, 'I will actively consider the advancement of excellent talented individuals.'