ADB and South Korea Build Ties on Power, Minerals and AI

Kanda said a review of ADB’s Energy Policy last year had opened the way for the bank to engage with interested developing member countries on potential nuclear power development.

More reliable electricity, industries that create greater value from mineral resources, and wider access to artificial intelligence shaped discussions between Asian Development Bank (ADB) President Masato Kanda and Republic of Korea President Lee Jae Myung. The talks explored how Korean technology, expertise and financing could support investment across Asia and the Pacific, giving developing countries practical help with challenges that affect businesses, workers and everyday life.

Kanda's 13–14 September visit included meetings with Deputy Prime Minister and Minister of Finance and Economy Koo Yun Cheol and a four-party agreement supporting critical minerals processing and manufacturing in Uzbekistan. He described Korea's development experience as a source of hope for countries seeking a path out of poverty, highlighting the country's role in helping turn that ambition into opportunities across the region.

Building More Reliable Power Systems

Energy security featured prominently in Kanda's meeting with President Lee, with discussions covering cooperation on modernising electricity systems and strengthening power grids in ADB's developing member countries. Korea's experience in these areas could help countries prepare investments that improve the reliability of power supplies and support their growing energy needs.

Kanda said a review of ADB's Energy Policy last year had opened the way for the bank to engage with interested developing member countries on potential nuclear power development. He highlighted Korea's expertise in nuclear power and electricity grids as an important resource for this work, placing both technologies within the wider discussion about stronger national energy systems.

Turning Mineral Resources Into Manufacturing Opportunities

Critical minerals cooperation received a financial boost through pledges from the Export–Import Bank of Korea and the Korea Trade Insurance Corporation for up to $1 billion in potential cofinancing and risk-sharing support. The support would operate through ADB's Critical Minerals-to-Manufacturing Financing Partnership Facility, helping advance investment in processing and manufacturing linked to mineral resources.

Kanda welcomed Korea's first Korea–Central Asia Summit and discussed how ADB could support closer economic ties through joint financing and project preparation in the critical minerals sector. For resource-rich countries, the discussions focused on opportunities to build industries around their natural resources, connecting mineral supplies with the technology and investment needed for further processing.

A four-party memorandum of understanding signed by ADB, the Export–Import Bank of Korea, Uzbekistan Technological Metals Complex JSC and the Uzbekistan Fund for Reconstruction and Development gives that cooperation a practical starting point. The agreement, scheduled for formal exchange on 15 September, seeks to connect Uzbekistan's mineral resources with Korean processing technology, manufacturing expertise, financing and markets.

Expanding AI Access and Preparing People for Change

The leaders explored how Korean technology could help developing countries use artificial intelligence to make faster progress, with attention to risks involving job security and cybersecurity. Their discussion recognised that broader access to AI requires countries to prepare for its effects on workers and digital systems as they develop new uses for the technology.

Kanda's meeting with Deputy Prime Minister Koo covered a $20 million Korean contribution to support ADB's broader AI initiatives, including stronger digital infrastructure, practical applications and expanded training. The proposed partnership would give countries support in building the foundations for AI adoption, helping people develop the skills needed to use the technology and manage the changes it brings.