Choi attends World Bank Group Development Committee

Choi attends World Bank Group Development Committee

On October 25, Deputy Prime Minister and Minister of Strategy and Finance Choi Sang-mok attended the World Bank Group Development Committee in Washington, D.C. and met with World Bank President Ajay Banga. Following the Evolution Roadmap (approved in October 23), the World Bank has proposed a plan to become A Future-Ready WBG, a Bank that is ready for future challenges such as AI, climate change, and demographic change. Choi emphasized the importance of encouraging the private sector to invest more in developing countries, focusing on the adoption of digital new technologies, and replenishing IDA's resources. In a meeting with Ajay Banga, Choi said that the cooperation between Korea and the World Bank is being strengthened through close communication, with the WB procurement briefings for Korean companies being held in May and again in November. The two sides agreed to work together to ensure the success of the 21st IDA Final Meetings, the World Bank's most important agenda this year, and discussed ways to strengthen digital cooperation.

Korean Economic Briefing in New York

Choi held Korean Economic Briefing in New York to share information on Korean economy amid continued uncertainty in external conditions, including financial market volatility due to monetary policy shifts in major countries and conflicts in the Middle East and Ukraine. The briefing was attended by senior executives from some of the world's leading asset managers and investment banks, including the world's largest private equity firms, Blackstone and Prudential, global asset managers such as Morgan Stanley and BBH, and leading U.S. investment banks, JPMorgan and The Bank of New York Mellon. For practical discussions, it organized the participants into small groups of about 10 people to allow for in-depth exchanges of opinions with ample opportunities for each other to speak. Choi provided detailed answers to key issues of interest to investors, including Korea's inclusion in the WGBI, AI innovation policies, and strategies for dealing with the US-China conflict.