Bom Kim, Vice Minister of the Ministry of Strategy and Finance, will depart on the 24th to attend the G20 (Group of 20) finance ministers and central bank governors meeting. The G20 meeting will be held from the 26th to the 27th in Cape Town, South Africa.
Vice Minister Kim will attend the G20 on behalf of Choi Sang-mok, acting president and Minister of the Ministry of Strategy and Finance. It is the first time in 17 years that the Minister of the Ministry of Strategy and Finance will not attend the G20 meeting since former Minister Kang Man-soo's absence in November 2008. Acting Minister Choi, who is handling three roles, is also overseeing economic policy and foreign affairs and security, and he decided not to attend due to the absence of U.S. Treasury Secretary Scott Vessenet, which he determined would prevent a meeting with the United States.
This meeting will be held for the first time under the slogan of "solidarity, equality, and sustainability," proposed by South Africa, which is this year's G20 presidency. It will include seven sessions covering various topics such as global economy, international financial systems, infrastructure, international taxes, financial health, financial sector issues, and sustainable finance. Vice Minister Kim is expected to discuss cooperation measures for various global risks and the operational plans related to the G20 for this year.
On the first day, the 26th, Vice Minister Kim plans to propose measures to enhance the soundness and dynamism of the economy through "building sustainable fundamentals and bold structural reforms" based on South Korea's case. He will also emphasize the importance of securing the sustainability and resilience of the international financial system and propose key tasks considering the global economic and financial environment.
On the following day, the 27th, he will emphasize the necessity of continued international tax cooperation and support discussions to enhance the capabilities of developing countries for the modernization of tax policy and administration.
Additionally, Vice Minister Kim plans to pursue bilateral meetings with key figures from Germany, Canada, and organizations such as the Organisation for Economic Co-operation and Development (OECD) and the Asian Infrastructure Investment Bank (AIIB) during this meeting.