Finance minister calls for efforts to address global imbalances at G20 meeting

Finance Minister Lee Hyoung-il called for international cooperation to tackle shared economic issues like global imbalances during a G20 meeting in Bangkok, his office announced. As the finance minister's inaugural appearance at an international summit, he addressed supply chain issues caused by the Middle East conflict and the promise of emerging technologies like AI.

Strengthening supply chains, safeguarding vulnerable groups, and investing in future growth drivers were key points of discussion. The meeting also focused on global imbalances, debt management, and enhancing financial stability. South Korea pledged its support for global economic stability and growth. Lee expressed gratitude to the US for hosting the G20 events and promised to contribute to stability.

Further, he advocated for comprehensive macroeconomic policies and structural reforms to address such challenges. In a separate meeting with G7 finance ministers and central bank governors, Lee emphasized the significance of collective action within the G7 and the wider G20. During bilateral talks with finance ministers from Japan, Australia, Germany, Singapore, and the United Kingdom, Lee aimed to foster continued collaboration within multilateral frameworks.

He shared insights on South Korea's AI projects, including its ambitious three-megaproject initiative. Lee also sought Singapore's expertise in operating the state-owned investment firm Temasek Holdings, as South Korea plans to establish a strategic sovereign wealth fund.