South Korea will host the Asian Development Bank (ADB)’s annual meeting of its board of governors in 2020, marking the third time for the country to welcome the event after one in Seoul in 1970 and Jeju Island in 2004.

The Ministry of Strategy and Finance said on Thursday the ADB officially informed that Korea is picked as a host country of its 53rd Annual Meeting of its Board of Governors in Incheon, Gyeonggi Province, from May 2 to 5 in 2020 after a vote by 67 members.

Korea will become the bank’s chair country for a year starting May 6, 2019 when this year’s general meeting ends in Fiji, until May 5, 2020 when the next meeting ends in Incheon. Korea will lead agendas related to development issues such as poverty reduction and inclusive growth.

Korea is excited to share its successful development stories with the international community as host after it has transitioned from a recipient of official development assistance (ODA) to a donor in 2000, the ministry said. Next year will mark the 20th year since Korea graduated from being a recipient by the Organization for Economic Cooperation and Development’s Development Assistance Committee.

The ministry expects the ADB’s annual meeting next year would enable Korea to enhance partnership with other member countries in pursuing initiatives of the New Southern Policy and New Northern Policy, the government’s long-term projects to build a sustainable regional system that can facilitate cooperation among ASEAN countries, MIKTA countries (Mexico, Indonesia, South Korea, Turkey and Argentina), India and Northeast Asian States.

Hosting the annual meeting is also expected to allow Korean companies and financial institutions to have a thorough discussion about various issues with high-level policy decision-makers of ADB and the Asia Pacific region who will all attend the event.

The 53rd meeting in 2020 will be attended by finance ministers of 67 member countries, high-level officials from regionally-based international organizations as well as from major institutions at home and abroad, corporate officials, the media, and officials from academia and finance sector.

ADB was established in 1966 to promote economic development and cooperation in the Asia Pacific region and provide members with development funds.

By Sohn Il-seon and Lee Eun-joo

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