Finance Minister Choo Kyung-ho speaks during an event hosted by the World Bank in Marrakesh, Morocco, on Oct. 11, 2023, in this photo provided by the Ministry of Economy and Finance. (Image courtesy of Yonhap)
MARRAKESH, Morocco, Oct. 12 (Korea Bizwire) — South Korea’s finance minister on Thursday vowed to join a global partnership centering on encouraging developing nations’ participation in the global supply chain for clean energy.
“The RISE program will create additional value by playing key roles in the midstream and downstream processes, and lead to new growth opportunities for developing countries,” Finance Minister Choo Kyung-ho told a meeting hosted by the World Bank in Marrakesh, western Morocco.
Choo was referring to the Resilient and Inclusive Supply-chain Enhancement Partnership (RISE), a program that aims to assist developing nations in harnessing their key minerals and pursue eco-friendly industries.
The bank said the program aims to “foster more sustainable and diversified global mineral value chains.”
The initiative will also eventually lead to “higher quality local jobs and economic growth” for developing economies, according to the World Bank.
Meanwhile, analysts suggest that the initiative is aimed at reducing reliance on China for critical resources.
The participating nations, also including Japan, Canada and Britain, pledged a total contribution of more than US$40 million, the bank said.
South Korea vowed to contribute $3 million, and Japan plans to chip in the largest slice of $25 million.
On the margins of the event, Choo also participated in the Ukraine Roundtable, where he shared South Korea’s plan to support the war-torn nation based on its reconstruction experiences.
Finance Minister Choo Kyung-ho speaks during the Ukraine Roundtable in Marrakesh, Morocco, on Oct. 11, 2023, in this photo provided by the Ministry of Economy and Finance. (Image courtesy of Yonhap)
The finance minister said South Korea will provide US$50 million to the World Bank’s fund for Ukraine.
Choo stressed the importance of not only offering financial assistance but also sharing knowledge and technology to bolster Ukraine’s nation-building endeavors.
The minister, meanwhile, held a bilateral meeting with his Ukrainian counterpart, Sergii Marchenko, and expressed hope the two countries would officially sign the Economic Development Co-operation Fund (EDCF) agreement in the near future.
Seoul launched the EDCF program in 1987 to help developing countries with their basic infrastructure.
During the meeting, the finance minister also highlighted that Ukraine can create “significant achievements” on the back of its people’s determination, along with South Korea’s experiences, knowledge and technologies.
Choo was visiting the North African country to take part in the annual meetings of the International Monetary Fund and the World Bank that kicked off in the city Monday. He will return home Friday.
(Yonhap)
