South Korea’s finance minister Choo Kyung-ho met with Asian Infrastructure Investment Bank (AIIB) President Jin Liqun to discuss ways of enhancing bilateral cooperation in finance and joint infrastructure projects, the Ministry of Economy and Finance announced. Choo highlighted the need for AIIB’s support for South Korean companies in investment projects and called for stronger ties between South Korean financial institutions and the AIIB. He also urged the bank to hire more South Korean staff.

Jin expressed hope for improved bilateral relations in the financial and infrastructure sectors, recognizing South Korea’s economic and technological prowess. South Korea has been a member state since the AIIB’s establishment in 2016, and it is its fifth-largest stakeholder. The bank, seen as a rival to U.S.-led lenders like the Asian Development Bank, now comprises 109 members.