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S. Korea, Britain forge strategic partnership on ODA projects

By Yonhap

Published : Nov. 23, 2023 - 10:02

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South Korean Finance Minister Choo Kyung-ho (center) poses for a photo with British Foreign Secretary David Cameron (left) and Foreign Minister Park Jin in London on Tuesday. (Yonhap) South Korean Finance Minister Choo Kyung-ho (center) poses for a photo with British Foreign Secretary David Cameron (left) and Foreign Minister Park Jin in London on Tuesday. (Yonhap)

South Korea and Britain have forged a strategic partnership on official development assistance projects and other areas of sustainable growth, the financial ministry said Thursday.

Finance Minister Choo Kyung-ho and Foreign Minister Park Jin participated in the signing ceremony of the Strategic Development Partnership with British Foreign Secretary David Cameron in London, according to the Ministry of Economy and Finance.

The agreement was reached during President Yoon Suk Yeol's state visit to Britain celebrating the 140th anniversary of diplomatic relations.

Under the partnership, the two countries agreed to expand cooperation in a wide array of areas, including digital, climate, environment and health care, as well as women empowerment, the ministry said.

South Korea and Britain will also seek to share their development experiences and advance cooperation within multilateral systems, it added.

The finance ministry said the two countries agreed to expand ties between Seoul's Economic Development Cooperation Fund and the British International Investment as well.

"The agreement will allow South Korea to diversify its ODA projects as the country seeks to expand the related budget next year," the finance ministry said in a statement.

The ministry added the partnership will also pave the way for the EDCF to offer financial support for projects in the private sector. (Yonhap)