APEC Finance and Structural Reform Ministers' Meeting Opens... Koo Yun-cheol: "AI Policy Is the Top Priority"

Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, stated on the 21st, "Artificial intelligence (AI) is no longer a choice, but an imminent reality we must all prepare for together." He emphasized, "In this era of AI transformation, we must continuously consider the Ministry of Finance's role in fostering an innovation-friendly environment and supporting the private sector, and share solutions."
In his opening remarks at the APEC Finance and Structural Reform Ministers' Meeting held at INSPIRE Entertainment Resort on Yeongjong Island, Incheon, Koo stressed, "For sustainable growth, the roles of innovation, finance, and fiscal policy are critically important."
He highlighted the rapid expansion of digital finance and the need for corresponding policy responses. "Digital assets, which were unfamiliar just a decade ago, have now become a central topic in financial markets," he noted. "AI-powered digital finance is already being used in various ways in everyday life, such as in credit evaluation and fraud prevention."
He added, "While promoting innovation, it is also essential to ensure a balanced ecosystem so that financial accessibility reaches all social classes and regions."
Regarding fiscal policy, he stated, "In addition to traditional roles such as national defense, welfare, and education, we must strategically allocate resources to future growth sectors like AI, while also responding to structural challenges such as aging populations and climate change."
He further emphasized, "We must enhance fiscal sustainability through various efforts, including expenditure restructuring, revising tax exemptions, and securing tax bases."
A key outcome of this meeting will be the adoption of the 'Incheon Plan,' which will serve as a compass for APEC financial cooperation over the next five years.
Koo Yun-cheol explained, "With the conclusion of the previous Cebu Action Plan (CAP), we have created a new framework better suited to today's realities and policy challenges." He added, "The Incheon Plan is structured around four pillars: innovation, finance, fiscal policy, and accessibility and opportunity for all."
He particularly highlighted, "A distinctive feature is that the issue of financial inclusion, previously discussed in a fragmented manner, will now be addressed as an independent pillar under 'accessibility and opportunity for all.'" He introduced, "Going forward, the APEC chair will autonomously select and discuss a pillar of the Incheon Plan as the annual theme."
Koo Yun-cheol remarked, "APEC is a community that has continued cooperation in the spirit of trust and integration despite numerous divisions and conflicts." He pledged, "As this year's chair, Korea will do its utmost to ensure that APEC once again becomes a platform for integration and mutual prosperity."
The APEC Finance and Structural Reform Ministers' Meeting is being held from today through the 23rd under the theme 'Shaping a Sustainable Tomorrow.' Twenty-one APEC member economies, including Korea, the United States, China, Japan, Australia, Taiwan, Canada, Russia, Indonesia, Malaysia, Thailand, Vietnam, and the Philippines, are participating.
This is the first time in 20 years, since 2005, that Korea is hosting the APEC Finance Ministers' Meeting as the chair.

imne@fnnews.com Hong Ye-ji Reporter