Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol signed a memorandum of understanding with the Asian Development Bank to establish an artificial intelligence innovation and development center in South Korea and agreed to expand cooperation on critical-mineral supply chains.
The Ministry of Economy and Finance said Monday that Koo, visiting Samarkand, Uzbekistan, on the sidelines of the ADB annual meeting, met with ADB President Masato Kanda and signed the MOU to set up the center.
The AI Innovation and Development Center, known as CAID, is to be established in South Korea as a cooperation hub to apply AI to ADB programs supporting developing countries and to help strengthen AI capabilities in those countries.
During the meeting, Koo said, “Through cooperation in the AI field, we will pursue mutually beneficial development cooperation that helps all countries,” and presented South Korea’s vision of a “global AI hub” that would bring together AI-related organizations under multilateral development banks and the United Nations.
The two sides also agreed to broaden cooperation on critical-mineral supply chains. Koo voiced support for ADB’s policy to diversify critical-mineral supply chains in the region and stressed the importance of building stable supply chains through cooperation among member countries.
Koo also met the same day with Indranee Thurai Rajah, Singapore’s second minister for finance, to discuss cooperation as co-chairs of the next ASEAN+3 finance ministers and central bank governors meeting.
They agreed to sustain cooperation momentum based on the outcome of the South Korea-Singapore summit and to continue consultations to identify agenda items that provide practical help to ASEAN+3 countries.
Koo introduced his “global AI hub” initiative to Rajah and proposed that Singapore join South Korea’s efforts to share the benefits of AI with the global community.
* This article has been translated by AI.
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