By Kang Yoon-seung
SEJONG, Oct. 21 (Yonhap) -- South Korea plans to provide patient capital for long-term digital infrastructure projects through the country's planned sovereign wealth fund, the second vice finance minister has said.
Second Vice Finance Minister Huh Chang outlined the plan during the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting held in Hong Kong from Tuesday to Wednesday, according to the Ministry of Finance and Economy.
Huh's remarks came after South Korea unveiled plans earlier this year to launch a new sovereign wealth fund in 2027 to make continuous investments in cutting-edge and strategic industries.
During one of the sessions at the finance ministerial meeting, Huh highlighted the importance of public funding and the mobilization of private capital in pursuing major projects in future growth industries.
This undated file photo shows the sign of the Ministry of Finance and Economy at its headquarters in the central city of Sejong. (Yonhap)
The senior policymaker said that the country plans to provide long-term patient capital, which refers to investment that does not require immediate returns, for digital infrastructure projects through the sovereign wealth fund.
The new fund will also serve as an anchor investor to attract additional investment from global and private investors, he added.
On the sidelines of the event, Huh held bilateral meetings with major partners and global organizations, the finance ministry said.
In particular, Huh discussed ways to bolster ties in the artificial intelligence (AI) industry and jointly address geopolitical risks with New Zealand.
South Korea and Canada shared policy directions on their respective strategic sovereign wealth funds, along with ways to bolster supply chain cooperation, the ministry said.
Seoul and Beijing discussed ways to bolster economic and financial ties through multilateral platforms, including APEC and the Group of 20 (G20).
During his meeting with Mathias Cormann, secretary-general of the Organization for Economic Cooperation and Development (OECD), Huh highlighted that South Korea is maintaining a robust economic recovery, with growth projected in the 3 percent range.
Huh additionally met with Zou Jiayi, president of the Asian Infrastructure Investment Bank (AIIB), to discuss ways to bolster cooperation in infrastructure investment projects.
colin@yna.co.kr
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