South Korea’s Ministry of Economy and Finance published the outcomes of Deputy Prime Minister and Minister of Economy and Finance Lee Hyoung-il’s participation in the G20 and G7 finance ministers and central bank governors meetings. Lee urged G20 economies to strengthen supply chain resilience, protect vulnerable groups and invest in growth drivers such as artificial intelligence. At the G7 meeting, he called for broad macroeconomic policies and structural reforms to reduce global imbalances, supported by cooperation through both the G7 and G20. G20 participants reviewed work on economic growth, global imbalances, debt, financial stability, regulatory reform and financial literacy. South Korea will join the United States and the United Kingdom in the G20 troika next year. Lee also attended a G7 event on Africa, where discussions covered balanced growth and development partnerships focused on investment and value creation. In bilateral meetings, South Korea and Singapore agreed to work closely as co-chairs of next year’s ASEAN+3 finance ministers and central bank governors meeting. Lee proposed drawing on Singapore’s Temasek experience as South Korea develops a strategic sovereign wealth fund. Talks with Australia, Germany and the United Kingdom covered supply chains, critical minerals, artificial intelligence and G20 coordination, while discussions with Asian Development Bank President Masato Kanda focused on advancing cooperation in artificial intelligence, critical minerals and nuclear power.

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