Finance ministers from the Asia-Pacific Economic Cooperation member economies convened in South Korea on Tuesday to discuss a broad range of issues related to innovation, finance, fiscal policy and structural reform, Seoul’s finance ministry said.
The APEC Finance Ministers’ Meeting opened in the western port city of Incheon for a three-day run under the theme of “Building a Sustainable Tomorrow,” ahead of the official APEC Summit.
It marks the final ministerial-level meeting before the APEC Summit, which is set to be held in Gyeongju, a southeastern city, from Oct. 31 to Nov. 1.
Participating ministers will explore how innovation, finance, fiscal policy and structural reforms can contribute to sustainable growth in light of the accelerating digital economy, particularly the development of artificial intelligence, the ministry said.
“We hope to see productive and meaningful discussions take place at this meeting,” Finance Minister Koo Yun-cheol said during his opening remarks, adding that APEC members are close to finalizing a new five-year road map, dubbed the Incheon Plan.
Koo highlighted the conclusion of the previous 10-year Cebu Action Plan and emphasized that the Incheon Plan will represent the most significant outcome of this year’s finance track.
“In the era of a major AI transformation, we must continue to consider the role of finance ministries in fostering innovation-friendly environments and supporting the private sector,” Koo said.
This year’s finance ministers’ meeting is jointly held with the APEC Structural Reform Ministerial Meeting for the first time, the ministry added. (Yonhap)
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