Korea, Britain sign partnership on ODA projects, sustainable growth

Economy

Published: 23 Nov. 2023, 10:12

Korea, Britain sign partnership on ODA projects, sustainable growth

Finance Minister Choo Kyung-ho, center, Foreign Minister Park Jin, right, and British Foreign Secretary David Cameron pose for a photo during a signing ceremony of the Strategic Development Partnership in London. [NEWS1]

Korea and Britain forged a strategic partnership on official development assistance (ODA) projects and other areas of sustainable growth, the Finance Ministry said Thursday.

Finance Minister Choo Kyung-ho and Foreign Minister Park Jin participated in the signing ceremony of the Strategic Development Partnership with British Foreign Secretary David Cameron in London, according to the Ministry of Economy and Finance.

The agreement was reached during President Yoon Suk Yeol's state visit to Britain celebrating the 140th anniversary of diplomatic relations.

Under the partnership, the two countries agreed to expand cooperation in a wide array of areas, including digital, climate, environment and health care, as well as women's empowerment, the ministry said.

Korea and Britain will also seek to share their development experiences and advance cooperation within multilateral systems, it added.

The Finance Ministry said the two countries agreed to expand ties between Seoul's Economic Development Cooperation Fund (EDCF) and the British International Investment as well.

"The agreement will allow Korea to diversify its ODA projects as the country seeks to expand the related budget next year," the Finance Ministry said in a statement.

The ministry added the partnership will also pave the way for the EDCF to offer financial support for projects in the private sector.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]