South Korea's Ministry of Economy and Finance reported that Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol attended the G7 Finance Ministers and Central Bank Governors Meeting in Paris as an invited-country participant, marking South Korea's first invitation to the full programme of the expanded session on 19 May. Discussions covered the economic effects of a prolonged Middle East war, measures to reduce persistent global current account imbalances, and international partnerships. In the session on global imbalances, Koo said both surplus and deficit countries need simultaneous policy action and outlined South Korea's approach of boosting domestic demand, promoting domestic investment and attracting foreign capital. In the session on international partnerships, Koo said AI and digital technology are key to raising productivity in recipient countries and called for closer cooperation among countries, multilateral development banks and the private sector, while urging the G7 to treat AI capacity building for developing countries as a core agenda item. At the working lunch, finance ministers and central bank governors focused on pressure on growth and inflation from disruptions to energy, food and fertilizer supply linked to the prolonged Middle East conflict, with emphasis on maintaining stable energy and raw materials markets and smooth trade flows. Koo also held bilateral meetings with the finance ministers of Germany and Canada on stronger cooperation in supply chains, critical minerals, energy security, defense and advanced industries, and separately agreed with Bank of Korea Governor Shin Hyun-song to coordinate closely on domestic financial market stability amid heightened external uncertainty.
Ministry of Economy & Finance (South Korea)2026-05-20
South Korea Ministry of Economy and Finance attends full G7 finance ministers expanded session for first time and holds Germany and Canada talks
South Korea’s Ministry of Economy and Finance said Deputy Prime Minister Koo Yun-cheol joined the expanded G7 Finance Ministers and Central Bank Governors Meeting in Paris as an invited-country delegate, marking South Korea’s first participation in the full programme. Koo urged simultaneous policy action by surplus and deficit countries to address global current account imbalances, outlined South Korea’s strategy to boost domestic demand and investment, and called on the G7 to prioritise AI capacity building for developing countries. He also discussed supply chains, critical minerals, energy security, defence and advanced industries cooperation in bilateral meetings with Germany and Canada, and agreed with the Bank of Korea Governor to coordinate on domestic financial market stability.