Choi Sang-mok: "We Must Establish an 'AI Research Hub' to Strengthen Global Cooperation"

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Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok proposed strengthening global technological cooperation by establishing a 'Artificial Intelligence (AI) Research Hub' as a measure to boost global growth engines. He also emphasized the need for joint response to risks through the establishment of a critical minerals supply chain.

According to the Ministry of Economy and Finance on the 3rd, Deputy Prime Minister Choi made these remarks while attending the 'G20 Finance Ministers and Central Bank Governors Meeting' held in S?o Paulo, Brazil, from the 28th to 29th of last month (local time).

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, is greeting Jerome Powell, Chairman of the U.S. Federal Reserve Board (FRB), before the start of the 'G20 Finance Ministers and Central Bank Governors Meeting' held in S?o Paulo, Brazil, on the 28th of last month (local time).

In the global economy session, he called for joint responses to global risks such as geopolitical fragmentation and prolonged monetary tightening. As measures to enhance global growth engines, he emphasized three areas of cooperation: cooperation on critical mineral supply chains, financial soundness regulation, and support for joint AI technology development such as AI research hubs and the establishment of global norms.

In the inequality session, Deputy Prime Minister Choi identified the 'lack of dynamism' as a major cause of inequality. As a response, he proposed promoting a dynamic economy characterized by private-led innovation, fair competition, and high social mobility.

He also stressed support for strengthening the dynamism of developing countries, stating, "Korea will actively support aiming to rank 10th in the world in official development assistance (ODA) by 2026." The Ministry of Economy and Finance has expanded this year's ODA budget to a record high of 6.3 trillion won.

Deputy Prime Minister Choi urged countries to make efforts in the international tax session to ensure that the multilateral agreement on Pillar 1 of the digital tax, whose negotiations are expected to be completed by the end of this month and aimed to take effect next year, can be finalized as scheduled.

In the debt session, he emphasized the acceleration and transparency enhancement of debt restructuring procedures for developing countries. He stated, "In the long term, reform of multilateral development banks (MDBs) is important to expand development loans," and explained that ownership by recipient countries is crucial to increase the effectiveness of international support. He added that Korea will continue and expand the Korea-World Bank Partnership (KSP) to share such experiences based on Korea's economic development case.

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, who is visiting S?o Paulo, Brazil to attend the G20 Finance Ministers and Central Bank Governors Meeting, took a commemorative photo with Janet Yellen, U.S. Secretary of the Treasury, on the 29th of last month (local time).

Taking the opportunity of attending the meeting, Deputy Prime Minister Choi held his first bilateral talks since taking office with finance ministers of major countries such as the United States, Germany, Italy, and the Managing Director of the International Monetary Fund (IMF).

He met with U.S. Treasury Secretary Janet Yellen and expressed hope that the trilateral economic cooperation among Korea, the U.S., and Japan could be developed through the upcoming 'Korea-U.S.-Japan Finance Ministers Meeting' scheduled for this year. They also discussed bilateral cooperation measures to respond to international situations.

With German Finance Minister Christian Lindner, he exchanged views on issues such as low birthrate and aging population, strengthening supply chain resilience, and restoring the multilateral trade order. He proposed continuing discussions on specific cooperation measures through regular consultation channels between the two countries, such as the 'Korea-Germany Macroeconomic Dialogue.'

During his meeting with Giancarlo Giorgetti, Italy's Finance Minister and chair of this year's G7, Deputy Prime Minister Choi emphasized strengthening solidarity between Korea and the Group of Seven (G7). Minister Giorgetti responded by inviting Korea to the G7 Finance Ministers Meeting to be held in Italy from May 23 to 25.

Finally, Deputy Prime Minister Choi met with IMF Managing Director Kristalina Georgieva to discuss policies such as strengthening fiscal soundness and expanding ODA. He particularly emphasized the need to reflect the economic status of member countries in the upcoming IMF quota reform discussions.

The government stated that since Korea is a co-chair country of the International Financial System Working Group, where major G20 issues such as vulnerable country debt and MDB reform are discussed, Korea will actively lead discussions on related topics and continue to serve as a bridge between advanced and developing countries within the G20.

This content was produced with the assistance of AI translation services.