South Korea's Ministry of Economy and Finance reported that Second Vice Minister Heo Jang attended the OECD Ministerial Council, where South Korea served as vice chair in the 30th year since joining the OECD, and used the meeting to set out cooperation priorities for overcoming recent economic shocks and restoring global growth. He highlighted open and rules-based cooperation over fragmentation, stronger innovation and productivity led by the private sector, and inclusive, forward-looking responses to rapid change including artificial intelligence and climate change. Heo also chaired a session on improving regulatory frameworks to promote competition and competitiveness. Participants backed simpler regulation to reduce business burdens, fairer competitive conditions and cross-border regulatory cooperation, and data governance that supports the free flow of data based on trust, while calling on the OECD to play a more active role through guidelines and standards. In bilateral talks, the OECD Chief Economist said the organisation had raised its 2026 growth forecast for South Korea from 1.7 percent to 2.6 percent. Meetings with senior officials from the French Ministry of Economy and Finance and the Bank of France focused on sustaining the momentum from President Emmanuel Macron's April visit, coordinating in G7 and G20 settings, and expanding development finance cooperation including private finance alongside official development assistance.
Ministry of Economy & Finance (South Korea)2026-06-07
South Korea's Ministry of Economy and Finance advances OECD and France coordination as OECD raises 2026 growth forecast to 2.6 percent
South Korea’s Ministry of Economy and Finance said Second Vice Minister Heo Jang, vice chair of the OECD Ministerial Council, outlined cooperation priorities on open, rules-based trade, private sector-led innovation, and inclusive responses to AI and climate change. Chairing a regulatory reform session, he backed simpler regulation, fairer competition, cross-border regulatory cooperation, trusted data governance, and a stronger OECD role via guidelines and standards. The OECD Chief Economist upgraded South Korea’s 2026 growth forecast, while bilateral meetings with French counterparts and the Bank of France covered G7 and G20 coordination and expanded development finance cooperation.