Under the auspices of the Mission of The Republic of Korea to ASEAN, the ASEAN-Republic Of Korea Financial Cooperation Center held the “2024 ASEAN-ROK Financial Cooperation Forum” for two days starting Thursday (4/7).
The forum held at the Fairmont Hotel Jakarta, Indonesia, carried the theme “The Role of Financial and Banking Business Entities as a Means of Promoting Sustainable Development in ASEAN, Especially in Facilitating Sustainable Financial Growth (Sustainable Financing)”.
Around 300 people from civil-political stakeholders attended the forum, ranging from ASEAN Government Officials, the World Bank, the Asian Development Bank (ADB), and the ASEAN+3 Macroeconomic Research Office.
In his opening remarks, the Ambassador of the Mission of The Republic of Korea to ASEAN, H. E Lee Jang-keun said, “In this forum, we present experts in their respective fields. They are gathered in one place to ensure the implementation of sustainable financing ecosystem development in ASEAN. They discussed the role of financial institutions and banks in this practice.”
He continued that the Korea-ASEAN partnership, which has been built in various other sectors over the years, should also be strengthened and put into practice in the financial sector. The forum involved experts from various fields, including international organizations, private financial companies, research institutions, and the government sector.
They provide detailed information on the roles and actions of financial companies for sustainable financing in ASEAN and also review the technical constraints faced.
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The first day’s panel discussion session discussed various cases and approaches to financial support from each country and institution to support sustainable economic growth. The discussion was led by moderator Najwa Abu Bakar, Programme Director of the Sustainable Finance Institute Asia.
Satoru Yamadera, Advisor from the Asian Development Bank (ADB), said in his keynote speech on the first day, “Although the sustainable finance bond market is growing rapidly in ASEAN, it is still dominated by the public sector, while sustainable finance practices in the private sector, especially in the private banking sector, are still limited.
“This project can be a milestone in sustainable development and environmental protection promotion in the ASEAN region,” said Dr. Achala Abeysinghe, Asia Regional Director of the Global Green Growth Institute (GGGI) as he explained regarding the “ASEAN Green Map Project” which describes environmentally friendly projects in the ASEAN region and activities in the financial sector to support them. (Z-6)
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