Deputy Prime Minister Choi Sang-mok held meetings with finance ministers from major countries and the Global Head of Sovereign and Sub-Sovereign Risk at Moody’s on the sidelines of the G20 Finance Ministers Meeting.
[Meetings with finance ministers of major countries]
During meetings with German Finance Minsiter Jörg Kukies (April 24) and European Commissioner for Economy and Productivity Valdis Dombrovskis (April 25), DPM Choi exchanged views on pressing global issues including the imperative of upholding the multilateral trading system and addressing global imbalances. They also formed a consensus on enhancing economic cooperation between Korea, Germany and the EU. DPM Choi expressed his hope that initiatives such as the Korea-Germany Macroeconomic Dialogue, scheduled for the second half of this year, would serve to further reinforce the foundation for mutually beneficial cooperation between Korea and the EU.
DPM Choi also held a meeting with Luxembourg’s Minister of Finance Gilles Roth (April 25), to discuss avenues for strengthening bilateral cooperation in the financial sector. In anticipation of Minister Roth’s planned visit to Korea in the fall of next year, both sides shared views on specific measures to expand investsment opportunities and committed to sustaining close communication goinig forward.
Last but not least, DPM Choi met with Ukraine Finance Minister Sergii Marchenko, during which he reaffirmed Korea’s steadfast commitment to the uninterrupted implementation of its assistance for Ukraine’s reconstruction efforts; Minsiter Marchenko conveyed his gratitude for Korea’s support. DPM Choi noted that Korea would utilize instruments such as the $2 billion Economic Development Cooperation Fund (EDCF) MOU to support Ukraine’s priority sectors – including transporation, housing, and energy – and highlighted the importance of collaboration with Korean enterprises in these efforts.
[A meeting with Global Head of Sovereign and Sub-Sovereign Risk at Moody’s Ratings]
DPM Choi held a meeting with Global Head of Sovereign and Sub-Sovereign Risk at Moody’s Ratings Marie Diron.
This meeting, held approximately three months after their previous virtual meeting on January 9, provided an opportunity for DPM Choi to brief Moody’s on the recent political situation in Korea; he underscored that Korea’s national governance system remains stable and operates in an ordely and lawful manner in strict adherence to its Constituition and legal framework. In addition, he provided an overview of the recent economic situation and outlined the Korean government’s policy measures – such as the swift preparation of an essential supplementary budget proposal – to mitigate uncertainties arising from external factors, including shifts in U.S. trade policy. The Moody’s delegation expressed their appreciation, stating that DPM Choi’s detailed explanation would be helpful in thier evaluation of the Korean economy. They also demonstrated strong interest in Korea’s fiscal policy stance and the government’s strategies to address global trade uncertainties.
Please refer to the attached files.
