The Republic of Korea reaffirmed its commitment to global development and technological innovation through strengthened collaboration with the World Bank and increased support for its burgeoning aerospace sector.
According to the Ministry of Economy and Finance, South Korea convened its annual Korea-World Bank Group Partnership Facility (KWPF) meeting in Busan, bringing together senior officials from both sides to evaluate ongoing joint initiatives and strategize future cooperation. The discussions centered around bolstering agricultural and food technology capabilities in developing nations.
Launched in 2013, the KWPF stands as South Korea’s largest trust fund within the World Bank. To date, it has extended approximately $46.8 billion in development assistance to 99 countries across key sectors such as digital infrastructure, healthcare, agriculture, energy, job creation, and innovation.
This year’s review focused particularly on joint projects aimed at transferring South Korean expertise in digital and eco-friendly agriculture to countries including Tanzania, Kenya, and five other partner nations. The ministry and the World Bank explored avenues to further expand this cooperation, particularly in sustainable technologies and capacity-building efforts.
In a separate announcement marking Aerospace Day, Acting President Lee Ju-ho underscored the government’s unwavering commitment to advancing South Korea’s aerospace sector.
“The government will provide unsparing support to bids investing in the future of the Republic of Korea’s aerospace sector, with the Korea AeroSpace Administration (KASA) at its centre,” said Lee.
He emphasized plans to develop aerospace industry clusters and set new global standards by prioritizing core technologies such as reusable launch vehicles and ultra high-definition satellites. The government also continues to invest in education, with the Ministry of Education supporting graduate-level aerospace students under a dedicated program initiated in 2024.
“Fostering aerospace talents is a key task that will determine our nation’s technological sovereignty and future competitiveness,” Lee added.
Together, these efforts highlight South Korea’s strategic focus on international development, technological leadership, and long-term investment in innovation-driven industries.
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