On November 5, the Ministry of Economy and Finance (MOEF) held the 2024 Korea-ADB High-Level Annual Consultation with the Asia Development Bank (ADB)^*[1] at the Export-Import Bank of Korea. The Annual Consultation, now in its eighth year following last year’s meeting, serves as a platform for discussing policy directions and specific cooperative initiatives between Korea and the ADB.

Above all, the MOEF representatives emphasized that Korea’s expanded Official Development Assistance (ODA)^* and increased contributions to the ADB have made it increasingly important to ensure effective performance management of its trust funds. In addition, they mentioned its significant contributions to key areas of the ADB projects, including climate change and digital transformation.

^* ODA budget: 3.71 trillion won (2021) → 6.26 trillion won (2024)

The ADB provided an overview of its plans to enhance internal performance management through performance indicators, alongside a review of the bank’s medium- to long-term strategic directions. The ADB also outlined its climate change adaptation policy and policy directions for securing critical mineral supply chains to support clean energy technology adoption as key areas of emphasis moving forward.

In response, the Korean government expressed its interest in climate change response and supply chain policy initiatives, stressing the need for cooperation with the ADB.

Following the annual consultation, ADB Vice President Scott Morris paid a courtesy visit to First Vice Minster Kim Beom-suk, thanking him for Korea’s preparations for the high-level consultation. VM Kim acknowledged the ongoing progress in Korea-ADB partnership, including hosting the 2023 ADB Annual Meeting, and expressed hope that cooperation between Korea and the ADB would further strengthen with the new president’s term beginning in February 2025. They also discussed the importance of increasing Korean personnel within the ADB to expand Korea’s role in the bank. Vice President Morris expressed gratitude for Korea’s continued support, including its increased contributions to the Asian Development Fund (ADF-14), and affirmed his commitment to advancing Korea-ADB collaboration.