Kim Sung-wook has been appointed as the Vice President for External Relations of the Asian Development Bank (ADB) at the level of Deputy Governor.
The Ministry of Economy and Finance noted on the 22nd that this appointment of the Vice President allows a Korean to re-enter a deputy governor-level position approximately one year after the retirement of ADB Secretary General Um Woo-jong.
The position of Vice President for External Relations at ADB is a newly established senior-level position created this year to respond to the decline of multilateralism. It is one of the highest-level positions overseeing ADB's external relations work, focusing on expanding partnerships with regional and international countries, as well as strengthening regional economic integration and international cooperation.
The designated Kim has served as IMF director and has also held positions as the Director-General of International Economic Affairs and the Director of the International Financial Bureau at the Ministry of Economy and Finance.
The Ministry of Economy and Finance interpreted Kim's appointment as Vice President for External Relations at ADB as a result of the international community and ADB recognizing Korea's efforts in international cooperation. The Korean government has actively supported ADB's global public goods and regional integration initiatives, recently participating in the Asia-Pacific Innovation Financial Institution (IF-CAP) with $100 million and contributing $3 million to the Central Asia Regional Economic Cooperation (CAREC) support multilateral fund.
The Ministry of Economy and Finance said, "With the appointment of Kim Sung-wook as Vice President for External Relations, we expect Korea's role and status regarding global public goods and regional economic integration to expand, and cooperation with ADB to be strengthened."