Andrew Leigh

ASIAN DEVELOPMENT BANK MEETING IN REPUBLIC OF KOREA

I leave today for the Annual Meeting of the Asian Development Bank in Incheon, Republic of Korea.

It is vital that Australia is well represented at this important meeting for the Asia-Pacific region as we prepare to hand down the Budget next week.

Economic conditions are challenging throughout the world, including here in our own neighbourhood. Russia’s illegal and immoral invasion of Ukraine, a worsening food crisis and extreme weather events all threaten the region’s post-COVID recovery.

Over several days the meeting will include sessions on policies to support the region’s rebound, and boosting the Asian Development Bank’s lending capacity.

More broadly the event will discuss global economic shocks, climate change, food security, and new sources of growth for Asia and the Pacific.

Together we want to spread the benefits of regional co-operation and share the burden of our joint concerns.

During my visit I will also have the privilege of addressing students at Yonsei University in Seoul.

This will be a valuable opportunity to speak with the next generation as economies in our region look to become more dynamic and resilient following the pandemic.

We can be optimistic about our economy’s future while dealing with global challenges.

This key meeting and next week’s Budget are about providing security for Australians in changing times.