Launch of AIIB
The Korean government announced that Deputy Prime Minister and Minister of Strategy & Finance Yoo Il-ho attended the inaugural meeting and opening ceremony of the Asian Infrastructure Investment Bank (AIIB) in Diaoyutai, Beijing on January 16 and 17.
Korea is the fifth-largest shareholder of the AIIB, representing 3.81% of the organization, among its 57 member countries. The percentage is higher than each of those of Korea in the other international organizations and those of Australia and Indonesia of similar economic size as AIIB members. The Korean government is planning to have a leading role in the management of the AIIB.
The 57 member countries selected the president and directors at the two-day inaugural meeting, finalizing details of the AIIB agreement and its code of conduct. The first meeting of the board of directors is scheduled for January 17 and 18. President Jin Liqun took office at the inaugural meeting and Song In-chang, head of the International Finance Policy Office of the Ministry of Strategy & Finance, joined the board of 12 directors.
During his stay in Beijing, the Deputy Prime Minister had talks with Chinese Financial Minister Lou Jiwei to discuss how to add stability to the real economy and financial market of Northeast Asia in the present era of uncertainties. The former talked with president Jin Liqun about the utilization of Koreans in the AIIB and cooperation between Korean enterprises and financial institutions and the AIIB, too.