Yoon vows to form cooperative supply chain in Asia

May 04, 2023, 09:12 am

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President Yoon Suk-yeol delivers a congratulatory speech at the opening ceremony of the 56th annual meeting of the Asian Development Bank (ADB) held at Songdo Convensia, Incheon, on May 3, 2023./ Source: Yonhap

AsiaToday reporter Park Ji-eun

South Korea will form a cooperative supply chain in Asia that includes semiconductors and rechargeable batteries, President Yoon Suk-yeol said, Wednesday.

“Based the three principles of inclusiveness, trust and reciprocity, South Korea will contribute to the economic development of the Indo-Pacific region,” Yoon said at the opening ceremony of the 56th annual meeting of the Asian Development Bank (ADB) held at Songdo Convensia in Incheon, west of Seoul. “As a key partner possessing world-class production skills and manufacturing capabilities in emerging industries, such as semiconductors, rechargeable batteries and bio, South Korea will actively participate in establishing cooperation supply chains with Asian countries,” he said.

Encompassing 68 member countries, ADB was established with the aim of reducing poverty in the Asia-Pacific region. The ADB helped South Korea overcoming the scars of the war in the 1960s. South Korea has successfully transformed from a previous recipient country until 1988 to a donor country. The country is now serving as the chair country, leading discussions on development agendas. “Kyeongin Expressway, which connects Incheon and Seoul, is Korea’s first expressway completed in 1968 with the help of ADB loans,” Yoon said. “It is meaningful that the meeting was held in Songdo, Incheon, which has grown into a global city.”

Yoon highlighted the importance of solidarity among Asian countries amid the bloc-forming trend of the global economy. “Geopolitical conflicts, the Ukraine War, along with the fragmentation of the global chain due to the spread of protectionism, are becoming new challenges,” Yoon said. The president called for solidarity and cooperation between countries, saying, “Climate change and the digital divide are new challenges to be addressed together.”

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President Yoon Suk-yeol attends the opening ceremony of the 56th annual meeting of the Asian Development Bank (ADB) held at Songdo Convensia, Incheon, on May 3, 2023./ Source: Yonhap

During the meeting, South Korea and ADB agreed to jointly launch a climate technology hub. They also plan to establish a platform that will enable governments and private corporations to address issues related to climate change through the hub.

The ADB general meeting will be held for four days running through Friday under the theme “Rebounding Asia”. The opening ceremony was attended by some 1,400 people, including finance ministers, central bank governors from around the world, CEOs of domestic corporations and financial institutions, as well as politicians.

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