The Ministry of Finance and the World Bank (WB) are collaborating to expand artificial intelligence (AI) and digital cooperation, focusing on job creation through AI.
The Ministry of Finance is hosting the 'Global AI and Digital Summit' at the Grand Hyatt Hotel in Seoul from October 20 to 22, in partnership with the World Bank Group (WBG).
This summit marks the first time the WBG's annual event is being held outside Washington, D.C., with over 900 participants from more than 160 countries, including WBG President Ajay Banga and digital ministers from various nations.
Participants will discuss job creation and productivity enhancement through AI and digital technologies, as well as opportunities for growth in developing countries. They will also explore ways to improve digital accessibility and establish a reliable foundation for AI applications in sectors such as agriculture and health.
In his opening remarks, Deputy Prime Minister and Minister of Finance Lee Hyung-il stated, "Korea has experienced the transformative power of technology in changing the economy and the lives of its citizens, evolving from a recipient of international aid to a donor nation. We aim to be a partner in the AI transition of developing countries based on Korea's experience and capabilities."
He also discussed the government's initiative to establish a global AI hub, which aims to gather AI cooperation centers from six multilateral development banks, including the World Bank, in Korea.
Additionally, he introduced the WB's Global AI and Digital Knowledge Center, which opened in December 2022, noting that the WB AI and Digital Fund, contributed by the Korean government, supports the introduction of AI solutions in developing countries and the establishment of a foundation for AI utilization across various sectors.
"We will identify projects that align with the needs and conditions of developing countries using the K-AI package," he emphasized, adding that these efforts contribute to the WB's goal of providing digital access and opportunities to one billion people by 2030.
On October 19, Deputy Prime Minister Lee met with President Banga to discuss cooperation between Korea and the WB. They agreed to actively utilize Korea's AI innovation capabilities and experiences in collaboration with developing countries, based on the recent World Development Report and East Asia and Pacific Economic Outlook published by the WB.
Furthermore, they discussed how Korea's experience and technology in nuclear power development could be applied in developing countries. Both sides expressed the need for the benefits of industrial development to translate into job opportunities for young people.
Deputy Prime Minister Lee urged attention to the expansion of Korean personnel in senior positions within the WB.
* This article has been translated by AI.
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