LIMA: South Korean Finance Minister Choi Sang-mok has assumed the chairmanship of the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting for the upcoming year. This marks a significant milestone as South Korea prepares to host the session for the first time in two decades.
According to Yonhap News Agency, Choi officially took over the chairmanship on Monday during the recent APEC meeting held in Lima, Peru. At this gathering, participants engaged in discussions surrounding regional and global economic conditions, sustainable finance, and digital transformation, as reported by the Ministry of Economy and Finance. The next meeting for APEC finance ministers is scheduled to take place in Incheon, South Korea, with Gyeongju selected as the host city for the APEC summit.
This occasion will be the first time since 2005 that South Korea has hosted APEC events, with the last one held in the southeastern port city of Busan. During the current week’s meeting, Choi proposed discussions aimed at revita
lizing a dynamic economy, advocating for prudent and well-designed financial policies, and strengthening stability in digital finance, all under the objective of achieving sustainable regional growth and co-prosperity. He emphasized the importance of APEC’s proactive role in crafting solutions to complex global challenges, as conveyed by the ministry.
On the sidelines of the meeting, Choi engaged in discussions with his Peruvian counterpart, Jose Arista, on enhancing bilateral economic relations. Additionally, he met with Hong Kong’s Finance Minister Paul Chan to address the global economy and issues of mutual interest, including Hong Kong’s new investment immigration policy.
During his visit to Lima, Choi also met with representatives from South Korean companies operating in Peru, such as Samsung Electronics Co., POSCO International, HD Hyundai Heavy Industries Co., and SK Innovation Co. He pledged to work closely with the Peruvian government to improve business conditions for these companies. Choi’s overs
eas trip spans seven days and includes visits to Peru and the United States for the APEC meeting and the Group of 20 Finance Ministers and Central Bank Governors Meeting.