Koo Yooncheol Signs MOU with ADB to Establish AI Innovation Center... Strengthens Financial Cooperation with Singapore

Vice Prime Minister and Minister of Economy and Finance Koo Yoon-cheol has strengthened cooperation with the Asian Development Bank (ADB) in the field of artificial intelligence (AI) and taken steps to expand regional financial collaboration with Singapore.

According to the Ministry of Economy and Finance on May 4, Vice Prime Minister Koo met with ADB President Masatsugu Asakawa and Indranee Thurai Rajah, Second Minister for Finance of Singapore, on May 3 (local time) in Samarkand, Uzbekistan, on the occasion of the 59th ADB Annual Meeting and the 29th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting.

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul, visiting Samarkand, Uzbekistan to attend the ASEAN+3 Finance Ministers' Meeting and the Asian Development Bank (ADB) Annual Meeting, is delivering opening remarks at the Korea-China-Japan Finance Ministers' Meeting held at the Hilton Hotel on the 3rd (local time). 2026.5.3 Photo by the Ministry of Economy and Finance

In his meeting with President Asakawa, Vice Prime Minister Koo signed a memorandum of understanding (MOU) for the establishment of the Center for AI Innovation and Development (CAID) in cooperation with the ADB. This center will be established in Korea as a hub for integrating AI into development cooperation projects targeting developing countries and supporting the enhancement of AI capabilities in such countries.

Both sides agreed to pursue mutually beneficial development cooperation through collaboration in the AI sector, and further decided to expand cooperation in strategic areas such as diversifying critical mineral supply chains. Vice Prime Minister Koo introduced the concept of establishing a global AI hub and requested ADB’s participation, to which President Asakawa expressed his support.

Subsequently, Vice Prime Minister Koo met with Second Minister Rajah to discuss ways of cooperating as co-chairs for next year’s ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting.

The two sides agreed to build upon the outcomes of the Korea-Singapore summit and to jointly identify agendas that can provide tangible benefits to countries in the region. Additionally, Vice Prime Minister Koo proposed Singapore’s cooperation in the global AI hub initiative, emphasizing his commitment to expanding AI-based international cooperation.

This content was produced with the assistance of AI translation services.