Koo Yoon-chul Attends G7 Finance Ministers' Meeting... Shares Korea's Supply Chain Response Experience and Strengthens International Cooperation

Koo Yoon-chul, Deputy Prime Minister and Minister of Economy and Finance, attended the G7 Finance Ministers' Meeting on December 8 and discussed export controls and measures to stabilize critical mineral supply chains.

During the video conference, Deputy Prime Minister Koo emphasized international cooperation, stating, "Stabilizing global supply chains is a challenge that cannot be achieved by the efforts of a single country alone."

Deputy Prime Minister Koo shared the current state of global supply chains, which have become increasingly uncertain due to recent export controls on rare earth elements. He explained South Korea's experience in responding to supply chain disruptions and highlighted the importance of diversifying global sources. He also suggested the necessity of international solidarity, including joint exploration and development with resource-rich countries.

Koo Yoon-chul, Deputy Prime Minister and Minister of Economy and Finance, attended and spoke at the G7 Finance Ministers' Meeting held via video conference on the 8th at the Government Seoul Building in Jongno-gu, Seoul. (Photo by Ministry of Economy and Finance)

Additionally, he argued that each country should strengthen supply chain resilience by expanding domestic production bases, developing technologies for recycling, substitution, and reduction of critical minerals, and increasing stockpiles. Deputy Prime Minister Koo added, "South Korea will actively cooperate as a responsible partner," and stated, "The government is also continuously pursuing policies for the recycling of critical minerals, supporting related industries, and diversifying supply chains domestically."

This meeting was attended by finance ministers from the G7 member countries, as well as invited countries such as South Korea, Australia, India, Mexico, and Chile. This was Deputy Prime Minister Koo's second participation in a G7 event, following his attendance at the G7 High-Level Dialogue hosted by Canada in October on the occasion of the International Monetary Fund (IMF) and World Bank (WB) Annual Meetings.

A government official assessed that South Korea's participation in the G7 Finance Ministers' Meeting provided an opportunity to share the country's policy experience, seek overseas investment and joint development opportunities, and expand cooperation channels with major countries. The G7 also decided to continue strengthening supply chain resilience among member countries by promoting cooperation and attracting private investment, in connection with the recently announced "Critical Minerals Action Plan."

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