Milan: Bank of Korea (BOK) Governor Rhee Chang-yong is set to attend the annual Asian Development Bank (ADB) meeting and ASEAN+3 financial discussions in Milan next week to deliberate on global economic conditions and other financial matters, the BOK announced on Thursday.
According to Yonhap News Agency, Rhee will participate in the 58th annual ADB meeting in Milan from Sunday through Wednesday. During this event, he will engage with finance ministers and central bank governors from major countries, along with significant figures in international finance.
In addition to the ADB meeting, Rhee will attend a separate session involving finance ministers and central bankers from South Korea, China, and Japan on Sunday. This meeting will occur on the sidelines of the ADB gathering.
Top financial officials and central bankers from the Association of Southeast Asian Nations (ASEAN), along with their three Northeast Asian dialogue partners-South Korea, Japan, and China-will conduct separate discussions. These talks will focus on addressing major economic challenges and enhancing cooperation, particularly by strengthening the role of the Chiang Mai Initiative Multilateralization (CMIM).
ASEAN consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Thailand, Singapore, and Vietnam. The CMIM is a US$240 billion reserve established in 2010 to provide financial support through currency swap arrangements during regional financial crises.
Rhee's itinerary also includes a three-day visit to Paris until May 9, where he is scheduled to meet with Mathias Cormann, the Secretary-General of the Organization for Economic Cooperation and Development (OECD). Following this, Rhee will travel to Basel to meet with counterparts from the Bank of International Settlements (BIS) member nations.