Bom Kim, Vice Minister of the Ministry of Strategy and Finance, will represent South Korea at the upcoming G20 Finance Ministers and Central Bank Governors meeting. The event is set to take place in Cape Town, South Africa, on February 26-27, marking an important global economic dialogue under South Africa’s G20 presidency.
Historic Absence of South Korea’s Finance Minister
Vice Minister Kim is stepping in for Choi Sang-mok, Acting President and Deputy Prime Minister, Minister of Strategy and Finance. This marks the first time in 17 years that South Korea’s top finance official has missed a G20 meeting. The last such occurrence was in November 2008 when Kang Man-soo was absent.
Acting Prime Minister Choi currently holds three key roles, managing economic policies, diplomacy, and national security. Given his packed schedule and the anticipated absence of U.S. Treasury Secretary Scott Bason, he opted not to attend the G20 meeting.
G20 Summit Focus: Solidarity, Equality, and Sustainability
The G20 meeting, hosted under the theme of “Solidarity, Equality, and Sustainability,” will feature seven key discussion topics:
- Global Economy
- International Financial System
- Infrastructure Development
- International Taxation
- Financial Health
- Financial Sector Challenges
- Sustainable Finance
Vice Minister Kim is expected to highlight South Korea’s commitment to addressing these global financial issues through international cooperation and sustainable economic strategies.
South Korea’s Economic Proposals and Contributions
On February 26, Vice Minister Kim will present South Korea’s economic insights and structural reform strategies. His key proposal will focus on enhancing economic resilience through sustainable fundamentals and bold reforms. Drawing from South Korea’s economic experience, he aims to advocate for financial stability amid global uncertainties.
Additionally, Kim will stress the importance of maintaining a resilient international financial system. He will outline strategies to strengthen economic health in response to the evolving global financial landscape.
On February 27, discussions will shift toward international tax cooperation. Vice Minister Kim will emphasize the necessity of ongoing global tax policy collaboration and will support initiatives aimed at assisting developing nations in tax system reforms and administrative improvements.
Bilateral Meetings with Key Global Figures
Aside from the main sessions, Vice Minister Kim is scheduled for bilateral meetings with representatives from:
- Germany
- Canada
- Organisation for Economic Co-operation and Development (OECD)
- Asian Infrastructure Investment Bank (AIIB)
These discussions will focus on financial cooperation, investment opportunities, and strategies to tackle emerging global economic challenges.
South Korea’s Role in Global Economic Stability
As the global economy faces mounting challenges, South Korea continues to play an active role in fostering financial stability, sustainable growth, and international economic collaboration. Vice Minister Kim’s participation underscores South Korea’s commitment to global economic development and its proactive stance in shaping international financial policies.
For more updates on global finance and South Korea’s role in the G20, visit Daljoog News.
