Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol expressed South Korea’s commitment to active exchange and cooperation with the African continent, recognizing its high potential and growth prospects. He made this statement while attending the second day of the G20 Finance Ministers and Central Bank Governors meeting and the Annual Meetings of the International Monetary Fund (IMF) and World Bank (WB) in Washington, D.C.
During the meeting, Koo pledged support for the ‘Africa Cooperation Framework’ proposed by South Africa, the host of this year’s G20 meetings. This framework aims to address factors delaying growth and development in Africa, despite its abundant natural resources and rapid population growth. After multiple working group discussions over the past year, the framework received final approval during the meeting.
Koo emphasized the importance of proactive participation by African nations and effective leadership from South Africa for the successful implementation of the framework. He noted South Korea’s acknowledgment of Africa’s potential and growth capacity and committed to fostering active exchanges and cooperation with the continent.
He also highlighted South Korea’s rapid economic growth in the 1960s and 1970s, driven by the ‘Five-Year Economic Development Plans,’ expressing hopes that the Africa Cooperation Framework will serve as a new leap forward for Africa.
With the conclusion of the Finance Ministers meeting, South Africa’s term as the G20 presidency came to an end. The G20 members agreed to summarize the results of the fourth ministerial meeting in a presidency summary and adopted a ‘Debt Sustainability Ministerial Declaration’ to address the debt vulnerabilities of developing countries.
Koo also met with Valérie Urbain, the CEO of Euroclear Group, to express gratitude for Euroclear’s support for South Korea’s inclusion in the World Government Bond Index (WGBI). A representative from the Ministry of Economy and Finance noted checks on the readiness of global investment banks, Euroclear’s clients, for the inclusion and affirmed continuing close communication until the final inclusion.