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S. Korea vows to partner with World Bank to share expertise with developing nations

By Yonhap

Published : May 24, 2023 - 11:05

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Finance Minister Choo Kyung-ho speaks during an event in Seoul to commemorate the 10th anniversary of the World Bank's office in South Korea on Tuesday. (Ministry of Economy and Finance) Finance Minister Choo Kyung-ho speaks during an event in Seoul to commemorate the 10th anniversary of the World Bank's office in South Korea on Tuesday. (Ministry of Economy and Finance)

South Korea wishes to expand cooperation with the World Bank by sharing its expertise in the climate and digital sectors, the finance minister said Wednesday.

"Korea's expertise in the climate and digital sectors can help developing countries against the challenges they face," Finance Minister Choo Kyung-ho said during an event marking the 10th anniversary of the bank's office in South Korea.

"I believe Korea's resources in these areas can help the Korea Office become a symbol of innovation and technology," he added.

The finance minister noted that South Korea is an example of a nation that has transformed itself into a donor country from being a recipient of international aid, saying Asia's No. 4 economy is now capable of sharing its unique development experience.

Choo also said that the South Korean office of the Washington-based bank should offer a "tailored approach" based on "an in-depth review of Korea's development knowledge."

"Given the many Korean businesses with rich development experience and resources, it is important for the Korea Office to mobilize their active participation in the World Bank's projects," he said. (Yonhap)