South Korea will decide by end of this month whether to join the China-led regional development bank as a founding member, the country's top economic policymaker reaffirmed Thursday.

His remarks confirmed earlier comments by several officials who have said Asia's fourth-largest economy will make its decision on the Asian Infrastructure Investment Bank membership after countries like Britain, Germany, France and Italy have declared their participation in the $50 billion bank.

"Because the deadline for joining is set for the end of March, the government will announce its stance before then," Choi Kyung-hwan told reporters.

Observers have said becoming a founding member and donor can give South Korea an edge within the organization, compared to those that join later.

Presidential office Cheong Wa Dae on Wednesday officially said no decision has been reached in regard to the AIIB.

Because it can compete with the World Bank and ADB, the United States, which controls these institutions, has been critical of the creation of another development bank. Washington has pressed that the new infrastructure bank needs to resolve what kind of labor and environmental standards it will adopt, and how it will deal with corruption.

Japan, which is a prominent member of the ADB, has also expressed reservations about the new entity.

South Korean trade experts and economists argue that joining the AIIB from the outset can allow the country's companies win orders for projects that receive financing from the AIIB.

"Because South Korea enjoys considerable competitiveness among Asian countries in construction and engineering as well as have extensive experience in large scale projects, AIIB membership can open new opportunities for its companies," a source at a state-run think tank, who declined to be identified, said.

Because the AIIB will likely be more open to funding mega energy projects like nuclear and thermal power plants, South Korean companies could be in a good position to secure lucrative deals, he said. (Yonhap)