It is our honor to invite you to attend the International Conference on Strengthening the Management of Public Investment: Korean and International Experiences co-hosted by the Ministry of Strategy and Finance, International Monetary Fund, and World Bank. The event is to be held in Grand Intercontinental Seoul Parnas, from 30 to 31 October 2014.

In the wake of the Asian Financial Crisis back in 1997, Korean government reformed inefficient Public Investment Management (PIM) system. As a result, Korea was able to achieve economic recovery faster than expected and to continuously maintain fiscal soundness. In 1999, Korea introduced an ex-ante evaluation system for large-scaled public investment projects named the preliminary feasibility study, followed by the introduction of an intermediate evaluation system named the reassessment study of feasibility. In 2005, the in-depth evaluation of budgetary program was introduced as ex-post evaluation scheme that completes the integrated PIM system. The well-organized and integrated PIM system in Korea has contributed significantly in sustaining economic growth and securing fiscal soundness.

Given this background, this Conference will provide us with a timely opportunity to academically examine performance of PIM policy and reforms over the past one and a half decade after introducing preliminary feasibility studies in Korea. Academics, policymakers, and representatives of international organizations will be brought together from all over the world to overview PIM policy around the globe and share lessons learnt. Lastly, this Conference is expected to share our knowledge and experiences to seek innovative approaches to the policy direction on securing national fiscal soundness as well as efficient PIM system.

The knowledge and experiences you bring to the Conference are invaluable resources from which we can all benefit in our future. I sincerely hope you join us making this important event a great success.