New Korean President opens AIIB AGM

The new President of South Korea, Moon Jae-in, has expressed his gratitude to China for initiating the Asian Infrastructure Investment Bank (AIIB) and paid tribute to the organisation for its work to date.

Delivering the keynote address at the formal opening of AIIB’s annual general meeting on the island of Jeju, President Moon said he has “high expectations” for the AIIB, which he said will play a “significant role” in the economic development of Asia.

“AIIB has made remarkable achievements,” President Moon said. “I would like to express my gratitude to China for leading the way in the creation of the AIIB.”

Moon, who pointed out that the meeting was his first international event as President, said he hoped the AIIB would work with other multilateral development banks.

Asia is growing in global importance but faces political, economic, security and environmental challenges, Moon said, emphasising that cooperation between countries is essential.

President Moon said he has spoken to a number of heads of state since becoming President and stressed ‘the power of Asia’.

“Eyes of the world are focused on the dynamism of Asia,” he said.

Michael Lawrence, Chief Executive of Asia House is currently in Jeju at the AIIB AGM.