Koo Yun-cheol: "G20 must find solutions to stabilize supply chains"

[Financial News] Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance (MOEF), attended the first Group of Twenty (G20) Finance Ministers and Central Bank Governors Meeting (G20 FMCBG Meeting) of 2026, held in Washington, D.C., on the 16th. He stated, "We must seek G20-level solutions to stabilize global supply chains disrupted by the war in the Middle East and to strengthen the resilience of the world economy."
At the meeting, Deputy Prime Minister Koo stressed the need to strengthen growth fundamentals by expanding investment in areas such as Artificial Intelligence (AI), promoting regulatory innovation, and increasing labor supply. He said, "Each country must minimize the spillover effects on the real economy through swift policy responses and active international cooperation."
Finance ministers and central bank governors from the G20 discussed constraints on economic growth and global imbalances as key agenda items at this meeting.
They agreed that regulatory and administrative burdens, inefficient tax systems, insufficient investment, and a slowdown in labor supply and mobility are major factors that hinder economic growth and growth-enhancing reforms.
On global imbalances, Deputy Prime Minister Koo noted that Korea is serving as co-chair in the first half of the year of the Global Imbalances Study Group, in which the G20, the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD) and other international organizations participate. He said, "Active cooperation among major countries, including the G20, is essential to properly prevent and manage the risk factors stemming from excessive and persistent imbalances."
The Global Imbalances Study Group serves as a mediator and coordinator between advanced and emerging economies, discussing the definition, causes and measurement of imbalances. It also examines how imbalances negatively affect the global economy and explores ways to revise indicators to measure them more effectively.
Taking advantage of his attendance at the meeting, Deputy Prime Minister Koo held a series of bilateral talks with finance ministers from major countries.
He met with Roland Lescure, France’s minister for the economy and finance, from the current chair country of the Group of Seven (G7). Koo explained that Korea can play an active role in responding to economic uncertainty caused by the war in the Middle East, addressing global imbalances, and strengthening supply chain cooperation. Minister Lescure invited Deputy Prime Minister Koo to the G7 finance ministers’ meeting to be held in Paris, France, on the 18th and 19th of next month.
Koo also met with Jim Chalmers, Australia’s treasurer, and Jamshid Khodjayev, Uzbekistan’s deputy prime minister for economic affairs, to discuss ways to expand supply chain cooperation, including in the area of critical minerals.
Deputy Prime Minister Koo said, "Korea, leveraging its advanced manufacturing and technological capabilities, plays a key role in processing and utilizing products within global value chains." He added, "We need to further expand our strategic partnerships."
Koo also held back-to-back meetings with the heads of major international financial institutions, including World Bank President Ajay Banga, Asian Infrastructure Investment Bank (AIIB) President Zou Jiayi, and Inter-American Development Bank (IDB) President Ilan Goldfajn.
In his meeting with Ajay Banga, Koo shared Korea’s plan to establish a global AI hub by bringing together the AI and digital offices of the UN and Multilateral Development Banks (MDBs) in Korea.
With IDB President Ilan Goldfajn, he signed the Korea–IDB AI Hub Memorandum of Understanding (MOU), which includes opening an IDB AI cooperation office in Korea next year.
Koo also met Harvey M. Schwartz, chief executive officer of The Carlyle Group, one of the world’s largest asset managers, and urged him to actively invest in Korea as an attractive investment destination.

skjung@fnnews.com Jung Sang-geun Reporter