Ajay Banga, President of the World Bank,
Visited GKEDC in Seoul

• Ajay Banga, President of the World Bank, visited the Global Knowledge Exchange and Development Center (GKEDC) on January 25th.

  Ajay Banga, inaugurating his tenure in June 2023, visited Korea as the first by a World Bank President in five years. Throughout his visit, he explored the GKEDC in Seoul. His agenda included an exploration of the exhibition detailing Korea’s economic development, attending a presentation showcasing the collaborative efforts between Korea and the World Bank, and engaging with the media during a press conference.
  
  Dongsoo Kang, the Executive Director of the GKEDC at the KDI, hosted this visit and shared the Korea’s economic development journey. Dr. Kang delineated the export-led industrialization strategy and industrial progression encapsulated within the five-year economic development plans, which enabled Korea to surpass the middle-income trap. He further highlighted the critical role of capacity building in fostering industrialization and advancement. Furthermore, Dr. Kang noted, “Korea’s adept navigation of the foreign exchange crisis in 1997 was attributed to the timely execution of policies, including structural reforms across finance, labor, and both public and private sectors, complemented by the collective fundraising efforts of its citizenry known as the gold collection campaign.”He accentuated the indispensability of leadership and national cohesion in surmounting crises.
  
  The President acknowledged his familiarity with Korea’s foreign exchange crisis from his tenure at Citigroup Asia-Pacific in 1996, and he specifically conveyed his admiration for the voluntary fundraising initiatives undertaken by the Korean populace.

• Throughout the 1960s and 1970s, bolstered by support from international financial institutions such as the World Bank, Korea constructed the foundational infrastructure for its economic development infrastructure. Today, Korea has transformed into a global leader that not only contributes to but also actively engages in development projects aimed at supporting emerging economies worldwide.

  Following his visits to the Economic Development Hall and the Industrial Development Hall at the GKEDC, the President reflected during a press conference that Korea has ascended to the forefront of the global stage, surmounting challenges such as wars, poverty, and foreign exchange crises. He expressed a keen interest in the culture of self-innovation and the evolution of businesses that have marked Korea’s growth trajectory. Further, he highlighted, “Leveraging the wealth of knowledge and expertise Korea has amassed, the nation is uniquely positioned to significantly contribute to the advancement of developing countries.”

• Written by:
  Yuna Kim, Research Associate, Global Knowledge Cooperation Team 1,  02-6312-4084, yuna_kim@kdi.re.kr