WorldBank seeks broader ties with Korean companies to boost developing economies

By Maekyung News Service

The World Bank is seeking broader partnerships with South Korean companies across electric vehicles (EVs), batteries, semiconductors, and other sectors, to create jobs and accelerate growth in developing economies.

In an interview with Maeil Business in Seoul on Tuesday, World Bank Chief President Ajay Banga highlighted opportunities ranging from refurbishing used smartphones with Samsung Electronics Co. to applying Korean AI technology in agriculture, education, and healthcare.

Banga was in Seoul to attend the 2026 Global AI and Digital Summit, jointly hosted by the World Bank Group, the Ministry of Finance and Economy, and the Ministry of Science and ICT.

The World Bank is prioritizing job creation in emerging markets by mobilizing private-sector capital and technology.

Banga said not only major conglomerates such as Samsung and LG but also their mid-sized suppliers could become valuable partners.

At the Seoul summit, the World Bank unveiled its first digital strategy, aiming to help 1 billion people in developing countries access the internet and digital services by 2030. It plans to integrate digital technology into five key sectors ? infrastructure and energy, agriculture, healthcare, tourism, and advanced manufacturing.

One potential project with Samsung involves collecting used smartphones in developed countries, refurbishing them, and supplying them at affordable prices in developing markets, Banga said.

The bank is also exploring cooperation with Korean companies in semiconductor materials, EVs, and batteries. It recently provided financing for a Korean company’s polysilicon plant in Malaysia and is working with a Korean company on biodegradable products in Vietnam.

Korean power technology could also support development in Africa. The World Bank and African Development Bank aim to provide electricity access to 300 million people across the continent by 2030. Banga said Korea’s smart meters and smart-grid technology could help build the necessary power infrastructure.

In AI, Banga advocated small AI solutions tailored to local needs rather than costly data centers and large language models. Low-cost applications using local computing resources could address practical challenges in farming, education, and healthcare.

He cited Korean agricultural trade platform Tridge as a potential partner, noting that its apps connect farmers with markets and help small businesses manage procurement.

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