The Pacific island nation of Kiribati has become the third signatory to ratify an agreement to convert a South Korea-established think tank on green growth into an official international organization, Seoul officials said Tuesday.

The signatory by Kiribati paves the way for South Korea to officially launch the Global Green Growth Institute (GGGI) as an international body next month, the foreign ministry said in a statement. Seoul set up the GGGI in 2010 as a think tank to develop strategies for environment-friendly economic growth drivers.

Seventeen countries have so far signed a convention calling for the GGGI's transformation, including Denmark, Australia and Britain. A transformation of the GGGI into an international body requires at least three signatories to ratify the pact.

With Guyana, Denmark and Kiribati ratifying the pact, South Korea will officially launch the GGGI as an international organization on Oct. 18, according to the statement.

The convention on the GGGI marks the first time that South Korea has led the establishment of an international organization. (Yonhap News)