Seoul: South Korea and the Asian Development Bank (ADB) have reached an agreement to enhance cooperation on supply chains of critical minerals, climate change, and other global issues, as announced by Seoul's finance ministry on Tuesday. This development was the outcome of an annual high-level meeting held in Seoul between Deputy Finance Minister Choi Ji-young and Scott Morris, ADB's vice president for East and Southeast Asia and the Pacific.According to Yonhap News Agency, the Asian Development Bank emphasized that its policy focus will pivot towards addressing climate challenges and ensuring the stability of supply chains for key minerals essential for developing advanced technologies aimed at clean energy resources. Deputy Finance Minister Choi highlighted South Korea's ongoing commitment to these issues and advocated for intensified collaboration with the ADB.Furthermore, the ministry underscored the importance of improving the management of South Korean trust funds administered by the ADB, aligning w ith the country's increased contribution to the bank. South Korea's Official Development Assistance budget has significantly risen to 6.26 trillion won (approximately US$4.54 billion) this year, marking a substantial increase from 3.71 trillion won in 2021.
- October 12, 2026
