Deputy Prime Minister Choi Sang-mok will depart on the evening of October 19 to attend:

① The Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting (Lima, Peru),

② The Investor Relations (IR) session on Korea (New York, USA),

③ The G20 Finance Ministers and Central Bank Governors Meeting,

④ The World Bank (WB) Development Committee Meeting, and

⑤ Meetings with global credit rating agencies.

[The APEC Finance Ministers’ Meeting]

DPM Choi will attend the 2024 APEC Finance Ministers’ Meeting, held in Lima, Peru, from October 20 to 21.

This meeting will bring together representatives from 21 APEC member economies, as well as major international organizations such as the International Monetary Fund (IMF), the Organization for Economic Cooperation and Development (OECD), and the Asia Development Bank (ADB), along with members of APEC’s official private-sector advisory body, the APEC Business Advisory Council (ABAC). They will share views on key issues, including the regional and global economic situation, sustainable finance, digital transformation.

As Korea is set to host the APEC Finance Minsters’ Meeting in Incheon next October as chair in 20 years, DPM Choi will officially assume the role of chair for next year’s meeting during this event. He will present the vision and agenda for the 2025 discussions to member states and hold bilateral meetings with finance ministers from major countries, including Peru.

[The IR session on Korea]

On October 22, DPM Choi will hold his first IR session on Korea since taking office, targeting global investors in New York, a major financial hub.

During the session, DPM Choi will explain Korea’s strong economic fundamentals, supported by its fiscal soundness, and outline the government’s policy direction, including dynamic economy initiatives and capital and foreign exchange market advancements. Not only that, he will address concerns and interests raised by investors to ensure that the international community’s positive perception of Korea’s economy is maintained and further strengthened.

[G20 Finance Ministers’ Meeting]

From October 23 to 24, DPM Choi will attend the 4^th G20 Finance Ministers and Central Bank Governors Meeting of 2024.

The meeting, held in Washington D.C. alongside the IMF and WB Annual Meetings, is the final finance ministers’ meeting hosted by this year’s G20 chair, Brazil. The discussions will review 2024’s achievements and future tasks focusing on two key sessions: ①reforms of Multilateral Development Banks (MDBs), and ②global economic cooperation strategies.

In Session 1, DPM Choi, as co-chair of the International Financial Architecture Working Group[1], will deliver a keynote address highlighting the significance of the recently established MDB reform roadmap and call for its successful implementation. In session 2, he will propose structural reforms and fiscal innovations to restore growth potential as fundamental solutions for enhancing global crisis response capabilities.

[The WB Development Committee Meeting]

On the last day, October 25, DPM Choi will participate in the WB Development Committee Meeting, where discussions will focus on creating a “Future-Ready” WBG. He will also provide insights on how the WB can adapt to the changing global development landscape, support low- and middle-income countries, and promote private sector investment in developing nations. Furthermore, he will meet with the WB President for the fourth time this year, following the meetings in January, April, and July, to discuss cooperation between Korea and the WB.

[Meetings with global credit rating agencies and financial institutions]

On the same day, DPM Choi will meet with Global Head of Sovereign Ratings at Moody’s, Marie Diron, to explain Korea’s key economic policy directions, and make an all-out effort to maintain strong international trust in the Korean economy among foreign institutions and investors.

He will also meet with the Euroclear’s top executive in charge of Omnibus accounts for government bond, Isabelle Delrome, to discuss final preparations and future plans before capital inflows with the inclusion of Korean government bonds in the World Government Bond Index (WGBI) in the second half of next year.