Korean Finance Ministry Strengthens Cooperation with EBRD on AI Hub

Heo Jang, Deputy Minister of Finance, meets with Greg Guyett, EBRD's First Vice President, on May 22 at the Government Complex in Seoul. [Photo=Ministry of Finance]

The South Korean finance ministry and the European Bank for Reconstruction and Development (EBRD) are enhancing their collaboration to establish an artificial intelligence (AI) hub. They also agreed to expand the participation of Korean companies in EBRD investment projects.

On May 22, Heo Jang, Deputy Minister of Finance, held a meeting with Greg Guyett, EBRD's First Vice President, at the Government Complex in Seoul.

Earlier, on May 18, Deputy Prime Minister Koo Yun-cheol and EBRD President Odile Renaud-Basso signed a memorandum of understanding in London to express their intent to cooperate on the establishment of the Korea-EBRD AI hub. As a result, the 'AI K-Hub' will be responsible for integrating AI into EBRD's development cooperation projects in developing countries.

During the meeting, both sides exchanged views on the next steps following the memorandum of understanding. Heo emphasized the need to strengthen cooperation between the South Korean government and EBRD staff to expedite the establishment of the Korea-EBRD AI hub. He also requested continued support and interest from Guyett.

The discussion also covered EBRD's energy policies and green transition initiatives. Heo urged EBRD to facilitate the participation of Korean companies in investment projects related to power infrastructure.

Finally, Heo requested that EBRD increase its support and interest in expanding opportunities for Korean professionals. In response, Guyett remarked, "Korean talent is a valuable asset for EBRD and contributes significantly to strengthening our international talent base."

* This article has been translated by AI.

Yujin Kim