South Korea outlines post-war economic vision at G20 meeting

By Kang Yoon-seung

SEJONG, Sept. 2 (Yonhap) -- South Korea's finance minister outlined Seoul's vision for the post-Middle East war era through investment in future industries and efforts to stabilize supply chains during a Group of 20 (G20) meeting of finance ministers, his office said Wednesday.

Finance Minister Koo Yun-cheol took part in the two-day G20 meeting of finance ministers and central bank governors that kicked off Monday in Asheville, North Carolina.

During the event, Koo highlighted that South Korea has maintained stable growth despite the prolonged Middle East war, noting Asia's No. 4 economy is preparing for the postwar era by focusing on emerging industries and bolstering its supply chains.

Koo also shared the country's three-megaprojects initiative, which focuses on fostering the artificial intelligence (AI) industry as the country's main growth engine, noting South Korea is seeking to promote the AI transformation of existing industries.

The finance minister then emphasized the importance of addressing global imbalances through cooperation between countries with current account surpluses and those with deficits.

On the sidelines of the event, Koo held separate meetings with his counterparts from countries including the United States, Britain and Qatar.

During his meeting with U.S. Treasury Secretary Scott Bessent, the finance ministry said the two officials shared views on the latest economic and financial market trends without offering further details.

Koo also expressed hope for closer coordination between Seoul and London in the financial sector during a meeting with his British counterpart, John Healey, according to the ministry.

During another meeting with his Qatari equivalent, Ali bin Ahmed Al-Kuwari, Koo called for Qatar's attention to various projects being carried out by South Korean businesses in the country while stressing the need to build future-oriented ties in the AI and digital sectors.

The South Korean government, meanwhile, nominated Lee Hyoung-il, the vice finance minister, as the new finance minister on Sunday. His nomination requires approval from the National Assembly.