Deputy Prime Minister and Minister of Finance and Economy Koo Yun Cheol attended the 29th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting^* and the 59th Annual Meeting of the Asian Development Bank (ADB), held in Samarkand, as head of the Korean delegation. On May 3, during his visit, DPM Koo held meetings with key figures, including ADB President Masato Kanda and Singapore’s Second Minister for Finance Indranee Thurai Rajah.

* Launched in 1999 in the wake of the 1997 Asian Financial Crisis to help prevent the recurrence of financial crises in the region.

[Meeting with ADB President and Signing of MOU on the Establishment of the Center for AI Innovation and Development (CAID)]

First, during his meeting with ADB President Masato Kanda, DPM Koo signed an MOU to establish the CAID of the ADB. The center is planned to be established in Korea as a cooperative office aimed at integrating AI into ADB’s development cooperation projects for developing countries and supporting their AI capacity-building efforts.

During the meeting, DPM Koo emphasized development cooperation that would benefit all countries through collaboration with the ADB in the field of AI. He also introduced Korea’s plan to establish a “Global AI Hub” by bringing together AI offices of the United Nations and multilateral development banks (MDBs) in Korea, and called for ADB’s active participation. In response, President Kanda expressed his appreciation for Korea’s leadership in the AI sector and voiced support for DPM Koo’s remarks.

Meanwhile, during the meeting, both sides agreed to strengthen cooperation in the area of critical mineral supply chains. DPM Koo expressed support for the ADB’s ongoing efforts to diversify critical mineral supply chains in the region, while highlighting the importance of win-win cooperation among regional member countries in this area.

[Meeting with Singapore’s Second Minister for Finance]

DPM Koo subsequently held a bilateral meeting with Singapore’s Second Minister for Finance Indranee Thurai   Rajah.

As Korea and Singapore are set to serve as co-chairs of next year’s ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting, DPM Koo and Second Minister Rajah agreed to build on the  momentum from the Korea-Singapore Summit held in March 2026 and to work closely together to ensure the success of next year’s ASEAN+3 process. In particular, they agreed to closely consult on agenda items that could provide practical benefits to ASEAN+3 member countries.

DPM Koo also introduced Korea’s “Global AI Hub” initiative to Second Minister Rajah and proposed that Singapore participate in the Korean government’s efforts to share the benefits of AI with the global community.

Please refer to the attached files.