Koo Yun-cheol Announces Policies to Boost Domestic Demand and Investment at G7 Finance Ministers' Meeting

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\r\n[The Financial News] Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol attended the Group of Seven (G7) Finance Ministers' Meeting and central bank governors' meeting in Paris, France, on the 19th local time, where participants discussed current global economic issues, including the prolonged impact of the Arab-Israeli conflict.
\r\nAt the first session on global imbalances, Koo reaffirmed that current account imbalances between countries pose a risk to the world economy. He said, "It is important for both surplus and deficit countries to make policy efforts at the same time." The participating countries agreed that excessive and persistent imbalances are threatening global economic growth and financial stability.
In particular, Koo presented the South Korean government's policy direction for boosting domestic demand, encouraging domestic investment and attracting foreign capital into the country.
At the second session, which focused on building mutually beneficial international partnerships, participants discussed ways to promote effective international development cooperation by using a range of development financing sources.
Koo said, "To expand productivity in countries receiving support, systematic strengthening of AI capabilities and close cooperation across governments, multilateral development banks and the private sector are essential." He also urged the G7 to make AI capacity building in developing countries a key agenda item.
This is the first time South Korea has been invited to the full schedule of the G7 Finance Ministers' Meeting. The Ministry of Finance and Economy said this reflects the elevated standing of the Korean economy and the international community's trust in its contribution to global economic discussions.
Meanwhile, Koo met with Germany's Vice Chancellor and Finance Minister Lars Klingbeil on the sidelines of the G7 meeting, and the two sides agreed to strengthen economic cooperation and strategic coordination.
In a bilateral meeting with Canadian Finance Minister François-Philippe Champagne, they exchanged views on ways to strengthen cooperation in energy security, critical minerals and the defense industry. Koo said, "I hope the two countries will continue to expand mutually beneficial cooperation in energy, defense and advanced industries."
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skjung@fnnews.com Jung Sang-gyun Reporter