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  HOME | Business & Economy (Click here for more)

AIIB President Says Door Open for US, Japan

SEOUL – The president of the Asian Infrastructure Investment Bank (AIIB) said on Saturday that the organization is keeping the door open for the United States and Japan, two of the world’s leading economies who are not yet part of the body.

Jin Liqun made the remark when asked about the two countries’ notable absences at a press conference following the end of the second AIIB annual meeting on the South Korean island of Jeju.

“I am pleased to announce that we already have 80 members in the AIIB. This demonstrates confidence in the governance and management of the institution,” said Jin, alluding to the decision to include Argentina, Madagascar and Tonga as new member states.

“This also indicates the commitment of all members to work together, to improve living conditions of their citizens and to maintain sustainable economic growth while facing environmental challenges,” he added.

The new members are awaiting the completion of the entry process, which requires parliamentary ratification and the deposit of their first installment of capital with the bank.

The Jeju meeting was attended by 77 current member states of the AIIB and about 2,000 entrepreneurs from around the world.

It included a dozen seminars where different areas of investment were discussed.

Other AIIB members include the United Kingdom, France, Germany, Spain, Russia, Italy and South Korea, and its second annual meeting was held primarily on the theme of sustainable infrastructure.

The Jeju meeting sought to set the course for AIIB, a body established in 2014 at the behest of Beijing and considered an alternative to the International Monetary Fund and the World Bank, which are dominated by the US and the Asian Development Bank controlled by Japan.

 

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