By Kim Jae-kyoung
Staff Reporter

North Korea will not attend the 37th Annual Meeting of Asian Development Bank (ADB) on Cheju Island, which will run from May 15 to 17, according to the head of the Manila-based organization.

In a written interview with The Korea Times ahead of the international gathering, ADB President Tadao Chino ruled out the possibility of a surprise appearance by North Korean observers at the Cheju meeting.

``North Korea has not been invited as an observer to the Cheju annual meeting,’’ Chino said. He made it clear that North Korea would not become a member of the Manila-based regional bank in the near future.

He said that the most important issue at the meeting is to reaffirm its commitment to realize the vision of Asia free of poverty.

Chino also expressed skepticism over creation of the so-called Northeast Asian Development Bank involving South Korea, Japan and China.

South Korea is seeking to strengthen its vision of transforming itself into a business hub in Northeast Asia through the three-day Cheju meeting, which will officially begin on Saturday.

``We plan to use this week’s ADB gathering on Cheju Island as a chance to bolster our bid to become a business hub of Northeast Asia and promote greater international cooperation,’’ an official at the Ministry of Finance and Economy (MOFE) said.

``The annual meeting will provide an opportunity to highlight positive changes in the country’s financial sector following the 1997-98 Asian financial crisis,’’ he added.

A Korea Day conference scheduled for May 14 will be used to explain ongoing measures to transform the country into a center for regional business activity.

Acting President Goh Kun will attend the ADB meeting to address the official opening ceremony, but if the Constitutional Court rejects the impeachment of President Roh Moo-hyun tomorrow, Roh may attend the ADB meeting to mark his comeback.

During the annual gathering, member nations are expected to discuss various issues, ranging from governance, poverty reduction, development finance and international financial architecture to regional economic and social development.

In addition to the formal sessions, ADB and South Korean organizers will hold various seminars and promotional events from today to promote regional cooperation in such areas as monetary regimes and the creation of an Asian bond market.

There will also be an ASEAN Plus Three (South Korea, Japan and China) meeting of finance ministers on May 15.

Roughly 3,200 representatives from 61 ADB member nations, including 40 ministerial-level officials, will take part in this year’s gathering. The meeting in the scenic land will be the first time Korea has hosted the annual ADB event since 1970.

ADB, established in 1966, has 63 member states. In 2002, its capital holdings were $47.2 billion. Korea has a 5.11 percent voting share, which is the eighth largest in the organization.

kjk@koreatimes.co.kr