Finance minister calls for efforts to address global imbalances at G20 meeting

By Kang Yoon-seung

BANGKOK, Oct. 16 (Yonhap) -- Finance Minister Lee Hyoung-il called for joint efforts to address shared economic challenges, including global imbalances, during meetings of financial policymakers in Bangkok, his office said Friday.

Lee attended a meeting of finance ministers from the Group of 20 (G20) nations in Thailand, on Thursday, held alongside the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, according to the Ministry of Finance and Economy.

It marked the finance minister's first appearance at a major international gathering since taking office last month.

At the G20 meeting, Lee urged members to work together to address supply chain disruptions stemming from the Middle East war and identify new growth engines amid the emergence of technologies such as artificial intelligence (AI).

To this end, he stressed the need to strengthen supply chain resilience, protect vulnerable groups and invest proactively in future growth engines.

Participants also discussed key issues, including global imbalances, debt and ways to strengthen financial stability.

Global imbalances refer to a situation in which large current account surpluses in some countries lead to deficits in others.

Lee additionally thanked the United States for chairing this year's gathering and said South Korea would contribute to global economic stability and growth.

At the invitation of the Group of Seven (G7), Lee also attended a meeting of G7 finance ministers and central bank governors to discuss ways to address global imbalances.

He called for comprehensive macroeconomic policies and structural reforms to cope with such issues, stressing the need for cooperation within the G7 and with the broader G20 as well.

At a separate event bringing together finance ministers from G7 and African nations, Lee shared ideas on strengthening official development assistance (ODA) programs.

The minister said South Korea would serve as a reliable partner for African nations, noting investment and value creation are key drivers of sustainable growth, as demonstrated by the country's economic development experience.

In Bangkok, Lee held bilateral talks with his counterparts from Japan, Australia, Germany, Singapore and Britain, as well as the head of the Asian Development Bank (ADB).

In talks with his Australian counterpart, Jim Chalmers, Lee expressed hope for continued bilateral cooperation within multilateral frameworks, building on the two countries' experience as co-chairs of the G20 study group on global imbalances.

During a pull-aside meeting with German Finance Minister Lars Klingbeil, Lee outlined South Korea's AI projects, including its three-megaproject initiative.

Klingbeil reaffirmed the two countries' close partnership in areas ranging from manufacturing and critical minerals to supply chains and digital technology.

Talks with his British counterpart, John Healey, focused on prospects for closer cooperation as London prepares to assume the G20 presidency next year.

Other meetings included one with Indranee Rajah, Singapore's second minister for finance, during which the two officials discussed ways to strengthen bilateral and multilateral cooperation.

The meeting came as the two countries are set to co-chair the finance ministers' meeting involving the Association of Southeast Asian Nations (ASEAN) and its three Northeast Asian dialogue partners -- South Korea, Japan and China -- next year.

Lee also asked Rajah to share Singapore's experience and expertise in operating the state-owned investment firm Temasek Holdings as South Korea plans to launch a strategic sovereign wealth fund. The finance ministry noted Rajah responded positively to the request.

In a meeting with ADB President Masato Kanda, Lee discussed cooperation in AI, critical minerals and nuclear energy, building on Kanda's visit to South Korea in September.

The minister asked the ADB to take an active role in translating their discussions into concrete projects, according to the finance ministry.

colin@yna.co.kr
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