Deputy Prime Minister and Minister of Economy and Finance Koo Yun Cheol delivered opening remarks at the APEC Finance Ministers’ Meeting on October 21.

Please refer to the attached document for further details.

 

 

 

I.          Opening Remarks

 

Ministers, Colleagues from APEC Member Economies, Fellow Representatives from APEC Secretariat, and Distinguished Guests,

 

Good morning, I am Koo, Yun Cheol, Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea.

 

It is a great privilege to welcome you all to Incheon for the 32nd APEC Finance Ministers’ Meeting.

 

Over the next three days, Finance and Structural Reform Ministers will gather here for the most important discussions leading up to the next week’s APEC Economic Leaders’ Meeting in Gyeongju.

 

This year, we are poised to take an important step: adopting the Incheon Plan, a new five-year roadmap for the APEC finance track.

 

I trust our deliberations will be substantive, forward-looking, and productive.

 

 

II.       The Global Economy and APEC’s Role

 

Distinguished Guests,

 

Korea is deeply honored to serve as APEC Chair this year - the first time in two decades since 2005.

 

Over the past twenty years, we have endured both major and minor financial crises, the far-reaching economic and social impacts of COVID-19, and a series of natural disasters and geopolitical tensions.

 

Today, policy uncertainty including in trade, elevated debt levels, demographic and climate changes continue to weigh on the Asia-Pacific region.

 

In this turbulent environment, it is worth recalling APEC’s founding vision.

 

From the beginning, APEC has sought to foster shared growth and build a free, open and inclusive Asia-Pacific community.

 

Even in moments of division and conflict, APEC has remained steadfast in its path of cooperation, grounded in mutual trust and a shared commitment to unity. Despite the differing challenges and interests of its members, APEC economies have worked together through dialogue and mutual respect to find common solutions.

 

Going forward, by standing together in solidarity and cooperation, we can continue to overcome every challenge and crisis.

 

Korea, as the Chair, will spare no effort to ensure that this year’s APEC becomes once again a forum for unity and mutual prosperity.

 

 

 

III.    Agenda of the Finance Ministers’ Meeting

 

Honorable APEC members, The theme of this year’s meeting is “Innovation, Finance, and Fiscal Policy for Sustainable Growth”.

 

In this era of digital transformation, we made innovation our foremost priority.

 

In addition, we focused on the Finance Ministry’s core and powerful policy instruments - financial and fiscal policy - and held working-level meetings in Gyeongju and Jeju, along with numerous virtual consultations.

 

First, allow me to begin with Innovation.

 

We are living in the middle of the AI era. 

Artificial Intelligence is reshaping not only our technologies, but also our economies and societies, as well as the way we live and work.

 

Much like the Industrial Revolution in the past, this is no longer a matter of choice, but an inevitable reality we must all confront and prepare for.

 

As we enter the era of AI transformation, the Finance Ministers must take the lead, fostering an innovation-friendly environment and supporting the private sector, while continuously reflecting on its role and sharing solutions.

 

Korea has placed AI transformation at the top of its policy agenda, motivated by the pressing belief that harnessing AI across every sector of society is the only path to raising our growth potential.

 

Next week, at the APEC Economic Leaders’ Meeting, AI will take center stage as a key agenda item, and we look forward to this year’s APEC serving as a significant milestone for advancing AI cooperation.

 

Second, I would like to address the topic of Digital Finance.

 

Just over a decade ago, the idea of digital assets was still unfamiliar concept, yet today they have become vital and central element of financial markets.

 

More recently, AI-driven digital finance has been spreading at remarkable speed enabling alternative credit assessments for small businesses and even employing big data and AI to tackle challenges such as phone scams.

 

Our task is to foster innovation while building a responsible financial ecosystem - one that balances opportunities with risks, and ensures that financial access reaches vulnerable groups and remote communities.

 

Third, let me now turn to the topic of Fiscal Policy.

 

For fiscal authorities, the task of meeting countless demands with limited public resources is a difficult equation we are destined to solve.

 

Beyond our traditional roles in defense, welfare, and education, we must also respond to structural societal challenges such as an aging population and climate change.

 

To secure the engines of future growth, we must channel resources into critical areas such as AI transformation - so that our economies can continue to expand in a sustainable way.

 

Simultaneously, we must strengthen the sustainability of our public finances through a range of measures, including restructuring expenditures, reforming tax exemptions and deductions, closing loopholes to secure lost revenues.

 

Now, I look forward to sharing experiences and insights with members during today’s fiscal policy session.

 

 

IV.    The New Roadmap - The Incheon Plan

 

Excellencies, distinguished colleagues,

 

I would like to introduce the New Roadmap, the Incheon Plan - which will be the most significant outcome of this year’s APEC Finance Track.

 

For the past decade, the Cebu Action Plan has provided long-term direction for the APEC finance track.

 

With its conclusion this year, we have worked together to prepare a new five-year roadmap, carefully refining its priorities for medium term, that better responds to today’s realities and challenges.

 

The Incheon Plan rests on four key pillars: Innovation, Finance, Fiscal Policy, and Access and Opportunity for All.

 

Notably, the Incheon Plan broadens the traditional focus on financial inclusion within APEC Finance Ministers’ Meetings by creating a separate pillar dedicated to “Access and Opportunity for All”

 

Going forward, in the coming five years, each APEC Chair Economy will select our annual agendas from the topics presented under each pillar of the Incheon Plan, and carry out discussions based on these selections.

 

I would like to once again thank New Zealand, Australia, Peru, and Korea for spearheading the discussions on each pillar, and I look forward to seeing the Incheon Plan adopted by all of us today.

 

 

V.       Closing

 

Distinguished guests,

 

The theme of this year’s APEC Leaders’ Meeting is “Building a Sustainable Tomorrow: Connect, Innovate, and Prosper”.

 

The future is not something to wait for - it is something we should create together.

 

When we, coming from diverse circumstances, stay connected and united in the face of our shared challenges, the Asia-Pacific region can achieve resilient prosperity.

 

I firmly believe this meeting will serve as a stepping stone toward a more connected, innovative, and thriving Asia-Pacific region.

 

I very much appreciate you all.

Please refer to the attached files.