Korea to Establish ADB 'E-Asia Fund,' Prime Minister Goh Tells Annual Meeting Opening

JEJU, REPUBLIC OF KOREA (15 May 2004) - The Government of the Republic of Korea will establish an "e-Asia Fund" within ADB, Prime Minister Goh Kun announced at the opening of ADB's 37th Annual Meeting of the Board of Governors in Jeju today.

"The Korean Government has been contemplating ways to return the valued favors we received through the ADB to fellow member countries in need of assistance," he said.

"In this context, we will establish 'e-Asia Fund,' to be used to improve the level of information in the Asia-Pacific region, aimed at supporting the ADB's commendable effort to reduce the digital divide."

He said that Korea had enjoyed a close partnership with ADB since embarking on economic development in the 1960s. In addition to US$6.3 billion in financial assistance, ADB had provided support for Korea's economic development, including expertise and experiences in the area of development.

"ADB has made significant contributions in lowering the proportion of poor [in the region], who live on less than a dollar a day, from 32% in 1990 to 22% in 2000," he said. "This is truly a remarkable achievement, equivalent to saving 180 million people from extreme poverty in Asia and the Pacific for a decade."

When established, the new fund will be used to promote e-government, e-learning, e-trade, e-commerce, and e-procurement in the region, said Lee Hun-Jai, Deputy Prime Minster and Minister of Finance and Economy, at the opening ceremony.

Mr. Lee, who is the Chairman of the Board of Governors for ADB, said his Government also planned to establish a trust fund for Knowledge Partnership.

"This fund will serve as an effective channel to transfer Korea's experience and knowledge," he said.

He added that Asia had entered a new era of unprecedented symbiosis in which the world's economies are going to sink or swim together on the tide of the global business cycle.

"More than ever, the world's policy makers must be appreciative of this symbiotic relationship, when contemplating their policy actions," he said.

"In the new era, sound macroeconomic policies and continued economic reforms will remain the bedrock of sustainable economic growth."

Before the speeches, ADB's Annual Meeting got off to a spectacular start with a cultural presentation entitled "Light of Dawn," featuring the national Dance Company of Korea, tenor Yim Ung Kyun, and musicians and drummers of the Society for the Research of Gayageum Byeongchang.

Related story: Reform and regional cooperation key to maintaining progress in Asia, Says ADB President

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