Bangkok:Finance Minister Lee Hyoung-il called for joint efforts to tackle shared economic challenges, including global imbalances, during meetings of financial policymakers. Lee participated in a G20 finance ministers meeting in Thailand, which coincided with the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, marking his first major international appearance since assuming office last month.
According to Yonhap News Agency, at the G20 meeting, Lee urged members to collaborate on addressing supply chain disruptions resulting from Middle East conflicts and explore new growth avenues with emerging technologies like artificial intelligence (AI). He emphasized the importance of strengthening supply chain resilience, safeguarding vulnerable groups, and investing in future growth engines.
Participants tackled key issues such as global imbalances, debt, and financial stability. Global imbalances occur when significant current account surpluses in some countries cause deficits in others.
Lee expressed gratitude to the United States for chairing this year's gathering and committed South Korea's support for global economic stability and growth. Additionally, at the invitation of the Group of Seven (G7), he joined a meeting with G7 finance ministers and central bank governors to discuss approaches to global imbalances, advocating for comprehensive macroeconomic policies and structural reforms.
During a separate event with finance ministers from G7 and African nations, Lee shared insights on enhancing official development assistance (ODA) programs, highlighting South Korea's intention to be a reliable partner for African countries through investment and value creation.
In Bangkok, Lee engaged in bilateral talks with counterparts from Japan, Australia, Germany, Singapore, and Britain, as well as with the head of the Asian Development Bank (ADB). Discussions with Australian Finance Minister Jim Chalmers focused on continued cooperation within multilateral frameworks, building on their experience as co-chairs of the G20 study group on global imbalances.
In a meeting with German Finance Minister Lars Klingbeil, Lee detailed South Korea's AI initiatives, including a three-megaproject strategy. Klingbeil affirmed the close partnership between the two nations across various sectors, including manufacturing, critical minerals, supply chains, and digital technology.
Lee's talks with British counterpart John Healey explored potential collaboration as the UK prepares to take on the G20 presidency next year. Lee also met with Singapore's Second Minister for Finance, Indranee Rajah, to discuss enhancing bilateral and multilateral cooperation. They are set to co-chair a finance ministers' meeting involving ASEAN and its three Northeast Asian dialogue partners next year. Lee sought Rajah's insights on managing a strategic sovereign wealth fund, with Rajah responding positively.
In discussions with ADB President Masato Kanda, Lee covered cooperation in AI, critical minerals, and nuclear energy. He requested the ADB's active involvement in turning their discussions into tangible projects.