Incheon is gearing up for the 53rd Asia Development Bank annual meeting slated for May 2020, the city office said Monday.

South Korea, an ADB member since its establishment in 1966, is now a contributing country after having been a beneficiary of its assistance during postwar economic reconstruction.

Incheon will be the third Korean city to host the event, following the third meeting held in Seoul in 1970 and the 37th meeting held in Seogwipo, Jeju Island, in 2004. The decision to designate Incheon as the host city was finalized by ADB members on Jan. 29. 

At the 2020 meeting, Songdo International Business District, built on the western port city’s waterfront, will be introduced as an example of a sustainable city development project, Incheon City said.

Incheon Mayor Park Nam-chun said the municipal government “plans to present Incheon as an optimal destination equipped with prime infrastructure and accessibility for hosting summit-level meetings,” touting it as a “specialized city to host international conferences.”

“The 2020 ADB general meeting will provide opportunities for Incheon to grow on the global stage for international gatherings, while at the same time strengthening partnerships with ADB,” Park said. “Incheon promises to offer full cooperation for the ADB activities here.”

The Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, who led the Korean delegation to the 52nd meeting held May 3-5 in Fiji, was voted to chair the upcoming meeting.

In his address, Hong said, “Asian countries should strive for resilience during global economic uncertainties, by controlling debt risks and expanding the growth potential.”

“A joint response to vitalize trade and investments is key,” Hong said, and pledged Korea’s role in the efforts through execution of the New Southern Policy.

The 53rd session of the annual assembly of ADB member states will be held under the theme, “Asia 2020: Innovation, Inclusiveness and Integration.” The meetings are attended by the bank’s 68 member governments, central bank governors, nongovernmental organizations, media representatives and relevant experts and authorities from the private sector.

The tentative schedule for the four-day meeting includes a meeting of the Association of Southeast Asian Nations Plus Three states’ deputy finance ministers.

The ADB, headquartered in Manila, Philippines, has held the annual meetings to provide a forum to discuss economic development in the Asia-Pacific region.

(khnews@heraldcorp.com)