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| The Board of Governors of the Asian Development Bank (ADB) participate in the Business Session of ADB's 56th annual meeting at Songdo Convensia, Incheon, Thursday. Courtesy of ADB |
As host country, Korea showcases capacity to address global issues
By Lee Yeon-woo
INCHEON ― As the 56th annual meeting of the Asian Development Bank (ADB) drew to a close on Thursday, participants crowded the networking hub at Songdo Convensia in Incheon, hoping to seize a final opportunity to find potential business partners.
Amid the frenzy, Oleksiy Povolotsky, an official from the DTEK ― one of Ukraine's largest private energy holding companies ― calmly reviewed his business reading material while he waited for his next meeting to begin.
"We met many overseas companies which were of great interest for us," Povolotsky said, explaining that he met many companies presenting their ideas with the help of the Korea Trade-Investment Promotion Agency (KOTRA). "We appreciate KOTRA for organizing meetings for us. Overall, it's a good quality event."
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| Officials from Korean and foreign companies hold business meetings during the 56th annual meeting of the Asian Development Bank at Songdo Convensia, Incheon, Thursday. Yonhap |
Several other participants that The Korea Times spoke to at the networking hub expressed their satisfaction with the way Korea organized the annual meeting as the chair country. The meeting, which took place from Tuesday to Friday, was the first in-person gathering since the outbreak of COVID-19 and drew around 5,000 attendees.
Ricardo Faillace, a managing director of a payment company CORPAY, was among the people who spoke highly of the country. "I have been to a lot of these annual meetings for like 25 years. The logistics here are very good. When I arrived at the airport, I didn't even have to queue. I met many banks here as my company does foreign exchange for the market. Things are working very efficiently."
Some others praised the Korean cultural touch at the venue. "Many participants barely have a chance to look around downtown Seoul. One participant from Kenya I was talking to (yesterday) was quite sad because he had no chance to travel. But the organization made sure those people can taste some Korean food, hear music, see a lot of traditional things (at the promotion hall)," said Sabina Bulhac, a participant from Romania. She has been working at Samsung C&T for four years.
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| President of the Asian Development Bank (ADB) Masatsugu Asakawa takes a look at a robot made by a domestic firm in Songdo Convensia, Incheon, Monday. Courtesy of ADB |
The meeting produced meaningful results as well, showcasing Korea's capacity to address global issues.
During the meeting, Korea successfully participated in several ADB projects aimed at tackling climate change, including the establishment of the ADB-Korea Climate Technology Hub in Korea, and Innovative Finance Facilities for Climate in Asia and the Pacific (IF-CAP). These demonstrated Korea's capacity to implement various ADB projects based on its superior technology and policy funds.
"Korea is showing leadership (in tackling climate change within the ADB). So I encourage the efforts and appreciate Korea's contribution," ADB President Masatsugu Asakawa said during a press conference at the meeting, Tuesday.
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| Dancers perform at Korea Cultural Night event held on the sidelines of the 56th annual meeting of the Asian Development Bank (ADB) held in Songdo Convensia, Incheon, Wednesday. Courtesy of ADB |
The country has also expanded opportunities for its exporters and promoted local businesses during the meeting. It organized information sessions of Korean companies and launched booths to promote 33 innovative firms in areas such as future mobility and smart cities.
Specifically, Korea's innovative technology in the financial sector was highlighted as domestic banks have showcased their digitalization progress.
Incheon City Mayor Yoo Jeong-bok expressed his pride, referring to the meeting as the "greatest of all time."
"Korea is the only country that transformed its status from recipient to donor country. I feel proud that 5,000 economic leaders from all around the world could understand and appreciate Incheon's vision for the future," Yoo wrote on his social media, Thursday.
The 57th annual meeting is set to take place in Tbilisi, Georgia, in 2024.
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| The Board of Governors of the Asian Development Bank (ADB) participate in the Business Session of ADB's 56th annual meeting held at Songdo Convensia, Incheon, Thursday. Courtesy of ADB |
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