Finance minister outlines Seoul's readiness for post-Middle East war era at G20 meeting

Seoul's Finance Minister Koo Yun-cheol detailed the city's readiness for the post-Middle East war era during a Group of 20 (G20) meeting of finance ministers in Asheville, North Carolina on Monday. Koo stressed that South Korea's stable growth during the prolonged conflict has informed their plans for the future. The country, ranked fourth in Asia, is focusing on emerging industries such as artificial intelligence (AI) and strengthening supply chains to prepare for a postwar world.

Koo introduced the three-megaprojects initiative, which aims to promote AI as the primary driver of economic growth in South Korea. The finance minister also highlighted the importance of addressing global economic imbalances, proposing cooperation between countries with current account surpluses and those with deficits. Koo engaged in discussions with counterparts from the United States, Britain, and Qatar, sharing views on economic trends during private meetings.

In his meeting with U.S. Treasury Secretary Scott Bessent, Koo and Bessent discussed current economic and financial market trends. Koo expressed optimism about closer coordination between Seoul and London in the financial sector after meeting with British Chancellor John Healey. During his conversation with Qatari Finance Minister Ali bin Ahmed Al-Kuwari, Koo encouraged Qatar to support South Korean businesses in the nation while emphasizing the necessity of developing future-oriented ties in AI and digital sectors.

The South Korean government recently nominated Lee Hyoung-il, the vice finance minister, as the new finance minister, pending approval from the National Assembly.