SEOUL, October 21 (AJP) - South Korea’s Finance Minister, Koo Yun-cheol, called on Asia-Pacific nations on Tuesday to channel resources into artificial intelligence as a key driver of economic growth, urging policymakers to foster innovation and strengthen private-sector participation.
“In the era of AI transformation, we must create an innovation-friendly environment and support the private sector,” Koo said at the opening of the Asia-Pacific Economic Cooperation (APEC) Finance and Structural Reform Ministers’ Meeting in Incheon. “South Korea prioritizes AI across all sectors to boost potential growth.”
The three-day meeting, held until Oct. 23 at the Inspire Resort, brings together finance ministers and senior officials from 21 APEC economies. It marks the first time in two decades that South Korea has hosted the forum.
This year’s agenda, themed “Innovation, Finance, and Fiscal Roles for Sustainable Growth,” centers on shaping a new five-year framework known as the Incheon Plan — a successor to the 2015 Cebu Action Plan. The initiative aims to strengthen innovation, fiscal resilience, and financial inclusion across the region.
Discussions this week are expected to address how artificial intelligence can reshape productivity and innovation, along with policies to promote digital finance, fiscal sustainability, and access for vulnerable populations.
“The Incheon Plan will be the most significant outcome of this year’s APEC finance track,” Koo said, expressing hope that the talks would help “set a clear direction for the region’s shared prosperity.”
More than 2,000 participants — including representatives from the International Monetary Fund, the World Bank, and the Organization for Economic Cooperation and Development — are attending the sessions. China and Japan dispatched vice ministers, while the United States is represented by a deputy assistant secretary.
The first day’s discussions focused on global and regional economic trends, digital finance, and fiscal policy.
Joint sessions on innovation and digitalization are scheduled for Wednesday, followed by a meeting with the APEC Business Advisory Council. The conference will conclude Thursday with a joint press briefing outlining the group’s commitments.
* This article, published by Economic Daily, was translated by AI and edited by AJP.
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