Lee Hyung-il, the Deputy Prime Minister and Minister of Economy and Finance, attended his first major multilateral international meeting since taking office, discussing international cooperation to address global imbalances and secure future growth drivers.
On October 15, local time, Lee participated in the G20 Finance Ministers and Central Bank Governors Meeting and the G7 Finance Ministers and Central Bank Governors Meeting held in Bangkok, Thailand. This was the last in-person finance ministers' meeting hosted by the United States, the G20 chair, and France, the G7 chair, where countries reviewed the outcomes of discussions over the past year and addressed future challenges.
During the G20 meeting, Lee highlighted the need to discover new growth drivers in response to supply chain disruptions caused by geopolitical tensions, such as the Middle East conflict, as well as high inflation, high interest rates, and changes in technologies like AI. He emphasized that countries should enhance supply chain resilience and protect vulnerable populations while actively investing in future growth sectors like AI.
Member countries evaluated that this year's G20 finance track discussions focused on economic growth, global imbalances, debt issues, financial stability, regulatory improvements, and enhancing financial literacy. Lee expressed gratitude to the United States as the chair and stated that South Korea, which will form a G20 troika with the U.S. and the U.K. next year, aims to contribute to stable global economic growth.
At the G7 meeting, Lee stressed the necessity of macroeconomic policies and structural reforms to alleviate global imbalances, which refer to the accumulation of large current account surpluses in some countries and deficits in others. He noted the importance of cooperation among G7 members and comprehensive collaboration through the G20. South Korea was invited to the G7 finance ministers' meeting in October, marking the first time it has attended consecutively since May.
Lee also participated in a G7 side event focused on Africa, discussing ways to strengthen international partnerships, including balanced growth and official development assistance (ODA). He expressed South Korea's commitment to supporting investment and value creation based on its economic development experience, aiming to continue exchanges as a reliable partner for Africa.
In bilateral meetings with key countries, specific areas of cooperation such as supply chains and AI were discussed. With Australian Treasurer Jim Chalmers, they agreed to continue multilateral cooperation based on their experience co-chairing the G20 Global Imbalances Study Group. Lee thanked Australia for its assistance in securing emergency supplies during the domestic urea water crisis in November 2021 and reaffirmed the need for cooperation in energy and critical mineral supply chains.
In discussions with German Vice Chancellor and Finance Minister Lars Klingbeil, they explored expanding cooperation in manufacturing, critical minerals, and digital sectors. The German side expressed a desire to strengthen collaboration with South Korea, noting the growing importance of physical AI in traditional industries such as automotive, chemicals, and pharmaceuticals. Lee introduced South Korea's major AI investment plans.
With U.K. Chancellor of the Exchequer John Healey, they discussed the U.K.'s plans for the G20 finance track in 2027 and measures to enhance economic resilience, including youth employment. Healey congratulated Lee on his appointment and expressed support for his new role, anticipating close cooperation as both countries will chair the G20 in succession.
Lee and Singapore's Second Minister for Finance Indranee Rajah agreed to strengthen regional financial cooperation as co-chairs of next year's ASEAN+3 Finance Ministers and Central Bank Governors Meeting. Lee requested Singapore's experience in managing its sovereign wealth fund, Temasek, in relation to South Korea's strategic sovereign wealth fund initiative, to which Singapore responded positively.
In a meeting with Masatsugu Asakawa, President of the Asian Development Bank (ADB), they discussed follow-up measures for cooperation in AI, critical minerals, and nuclear power. Lee requested the ADB's active role in translating diplomatic achievements into concrete projects and urged support for expanding the participation of South Korean personnel in the ADB.
* This article has been translated by AI.
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