On September 14, Deputy Prime Minister and Minister of Finance and Economy Koo Yun Cheol met with Asian Development Bank (ADB) President Masato Kanda at the Government Complex Seoul. They exchanged views on ways to strengthen cooperation in areas including critical mineral supply chains, artificial intelligence (AI), and energy.

Deputy Prime Minister Koo welcomed President Kanda on his first visit to Korea since taking office and proposed translating the expanding Korea-ADB cooperation in climate technology, AI, and critical minerals into concrete projects and tangible outcomes. President Kanda thanked Korea for its continued support and looked forward to closer cooperation between the two sides.

Regarding cooperation in Central Asia, Deputy Prime Minister Koo noted that the Korea-Central Asia Summit and the Korea-Uzbekistan Summit would provide an opportunity to bolster the Korea- ADB partnership in support of the region’s economic development. In particular, he proposed strengthening ties between Korea and Uzbekistan, with a focus on critical minerals, to foster local industrial development and enhance supply chain stability for Korean industries. President Kanda said that the ADB stood ready to support cooperation between Korea and Central Asia, including through cofinancing for major projects. He also expressed hope that collaboration with Korea in the critical minerals sector would lead to concrete investments.

Deputy Prime Minister Koo also called for the prompt launch of the ADB’s Center for AI Innovation and Development (CAID). He proposed pursuing cooperation that connects Korea’s technology and experience with developing countries’ demand for AI transformation and asked the ADB to play an active role in the Global AI Hub initiative being advanced by Korea. President Kanda said that he expected that CAID, which is scheduled to be established in Korea, to further strengthen partnership between Korea and the ADB in the field of AI.

Deputy Prime Minister Koo went on to underscore the importance of energy infrastructure in supporting AI transformation. The two sides discussed ways to utilize Korea’s technologies and operational expertise in power generation, transmission, and distribution in regional energy projects being pursued by the ADB. They also exchanged views on the future direction of the ADB’s energy policy in light of its decision to allow support for nuclear power projects.

Building on the foundation for cooperation established to date, Deputy Prime Minister Koo and President Kanda agreed to identify and advance specific projects that deliver substantive results. Looking ahead, the two sides agreed to continue deepening the Korea-ADB partnership.

Please refer to the attached files.