Korea Local Finance Association Launches Global Think Tank ‘K-LOFA Advisory Committee’

The Korea Local Finance Association (Chairman Jung Sunyong) has launched a global strategic think tank comprised of experts from the fields of diplomacy, international organizations, and public administration. The aim is to learn from advanced foreign systems while spreading the Korea-specific local finance model, developed and accumulated by the Association, to the international community.

The Korea Local Finance Association announced on the 7th that it held the inaugural meeting of the “1st K-LOFA Advisory Committee” on September 4 at the Local Finance Hall in Mapo-gu, Seoul.

The Advisory Committee was established to develop the Association’s strategies for multilateral international cooperation and for expanding its overseas network. It consists of ten experts from the fields of diplomacy, international organizations, public administration, and the outdoor advertising industry.

Oh Joon, Chairman of Save the Children Korea and former President of the UN Economic and Social Council (ECOSOC), as well as former Ambassador to the Permanent Mission of the Republic of Korea to the United Nations, was elected as the inaugural chairman.

The committee members include Lee Donggyu, Honorary Professor at the Korea National Diplomatic Academy; Hong Seokhwa, International Cooperation Advisory Ambassador at the Saemaul Undong Central Association; Park Hyun, Professor at the University of Seoul; Moon Myungjae and Um Taeho, Professors at Yonsei University; Lee Youngbeom, Professor at Konkuk University; Ko Kilgon, Professor at Seoul National University; Choi Sangok, Professor at Korea University; and Kim Daewon, CEO of Podomedia Network.

The committee members proposed that the Association’s internationalization strategy should be pursued along two pillars: “Learning & Sharing.”

For “Learning,” they emphasized the need to expand exchanges with international organizations such as the OECD, noting that local government finances around the world face growing expenditure pressures due to factors such as climate change, hyper-aging societies, and digital transformation including artificial intelligence (AI). They also highlighted the necessity of actively researching advanced countries’ local finance management cases and crisis response strategies.

For “Sharing,” they cited the Association’s unique strengths, such as the mutual aid network involving 243 local governments nationwide, feasibility analysis of local investment projects, and the public return model for outdoor advertising revenue. The experts suggested that these systems should be disseminated internationally as standards, particularly by linking them with official development assistance (ODA) and training programs aimed at strengthening the capacity of public officials in developing countries.

The committee members recommended establishing a dedicated organization and constructing a phased roadmap and local finance database to ensure that international cooperation goes beyond one-time events.

The Association plans to operate the K-LOFA Advisory Committee on a standing advisory basis and will host the “2nd International Local Finance Conference” this December.

Chairman Oh Joon stated, “The Republic of Korea is in a unique position, possessing both the experience of advanced countries in dealing with local financial crises and the capability to support developing nations. We will strive to ensure that the policy tools accumulated by the Association are shared through international organizations and multilateral networks, establishing them as global standards in public finance.”

Chairman Jung Sunyong commented, “With over 60 years of know-how supporting local finance in Korea, the Association has sufficient competitiveness in the international community. We will actively adopt advanced overseas systems and globalize our unique model to grow into a world-class institution specializing in local finance.”

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