In a meeting held in Gyeongju, South Korea, the Deputy Minister of Economy and Finance, Kim Bum-seok, discussed the agenda for the upcoming APEC Finance Ministers’ Meeting, emphasizing the need to bolster innovation, finance, and fiscal capabilities for the region’s sustainable economic growth and shared prosperity. The meeting marks the beginning of a series of APEC finance track meetings planned for the year, including the Senior Finance Officials’ Meeting in Jeju in May and the Finance Ministers’ Meeting in Incheon in October, culminating with the leaders’ summit back in Gyeongju.
Kim highlighted the complex challenges posed by the global economic slowdown and financial market instability, stressing the importance of revitalizing economic dynamism and enhancing productivity through technological innovation. The government is focusing on digital transformation, encouraging collaboration and sharing of successful case studies in sectors that have integrated AI and digital technologies to enhance productivity.
Regarding financial capabilities, Kim pointed out the expansion of digital finance due to technological advancements like AI, but also warned of new risks such as digital bank runs and AI-enabled financial crimes. He advocated for maintaining a balance between innovation and stability in financial development.
In terms of fiscal capabilities, he emphasized the necessity for strategic and efficient fiscal management in an era of fiscal pressure, driven by factors such as aging populations and climate response needs. The meeting serves as a platform to discuss key elements such as fiscal rules and expenditure restructuring.
The meeting also aims to finalize the agenda and work plans for the APEC finance track over the year and establish a new APEC success roadmap, as the detailed action plan announced in 2015 is set to conclude this year.