First vice finance minister stresses Korea’s economic resilience at G20 meeting #JapanFinance

First Vice Finance Minister Kim Beom-suk [YONHAP]

First Vice Finance Minister Kim Beom-suk has emphasized Korea’s economic resilience despite its ongoing political uncertainty during his participation in the Group of 20 (G20) ministerial meeting this year, the Ministry of Economy and Finance said Friday.

Kim also reaffirmed Seoul’s efforts to establish a sustainable foundation for continued growth while attending the annual ministerial meeting, held in Cape Town, South Africa, on Wednesday and Thursday, on behalf of acting President Choi Sang-mok, according to the Finance Ministry.

In his presentation, Kim said that Korea was able to swiftly restore market confidence following the political turmoil, referring to a martial law briefly imposed by President Yoon Suk Yeol in December and his subsequent impeachment.

Kim cited the country’s commitment to fiscal soundness, risk management in the real estate and financial sectors, and market-driven economic growth principles, according to the Finance Ministry.

The vice minister also underscored the importance of building a credible and sustainable economic foundation, urging international efforts toward this goal, the ministry added.

On the sidelines of the meeting, Kim held bilateral talks with key officials from Germany, Canada and the Organization for Economic Cooperation and Development (OECD).

OECD Secretary-General Mathias Cormann reaffirmed the agency’s support for key agenda items set to be discussed during the 2025 Asia-Pacific Economic Cooperation (APEC) summit, which will be held in Gyeongju, North Gyeongsang, in November.

Kim and Cormann also exchanged views on strengthening cooperation between Korea and the OECD, including efforts to expand local work force participation in international organizations, the ministry said.

Kim separately met with World Bank Group President Ajay Banga and Asian Infrastructure Investment Bank (AIIB) President Jin Liqun for discussions on economic collaboration.

Acting President Choi opted to forgo the G20 meeting to focus on domestic affairs, the Finance Ministry said. His decision came as judicial proceedings continue against impeached Yoon.

This year’s meeting, held under the theme “Solidarity, Equality, and Sustainability,” focused on three key agenda items — strengthening global economic resilience, addressing climate risks and responding to the impact of AI.

Yonhap