Deputy Prime Minister Choi Sang-mok Holds Series of Talks with UK and Saudi Ministers

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, who is visiting Rio de Janeiro, Brazil to attend the G20 Finance Ministers' Meeting and the Korea-Latin America Innovation Forum, is shaking hands and greeting Rachel Reeves, the newly appointed UK Chancellor of the Exchequer, on the 25th (local time).

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, who traveled to Rio de Janeiro, Brazil to attend the G20 Finance Ministers and Central Bank Governors Meeting, held consecutive meetings with finance ministers from Saudi Arabia and the United Kingdom on the 25th and 26th (local time).

He discussed cooperation plans on projects of mutual interest such as hydrogen, smart farms, and infrastructure with Mohammed bin Abdullah Al-Jadaan, Saudi Finance Minister. Minister Al-Jadaan emphasized the active participation of Korean companies with advanced technology, and Deputy Prime Minister Choi responded by promising strong support for Saudi Vision 2030 and the agreements reached between the two countries last year.

Deputy Prime Minister Choi met with Rachel Reeves, the newly appointed UK Finance Minister and the first finance minister of the Labour Party government after a regime change in 14 years, delivering a congratulatory letter on her appointment and exchanging cordial talks. The two ministers pledged to further strengthen investment and trade relations between the two countries following last year’s Downing Street agreement.

In a meeting with Ajay Banga, President of the World Bank (WB), Deputy Prime Minister Choi requested increased opportunities for Koreans to advance to senior positions within the World Bank and agreed to actively cooperate for the successful hosting of the 21st replenishment final meeting of the International Development Association (IDA), scheduled to be held in Korea on December 5-6.

He also met with Chrystia Freeland, Deputy Prime Minister and Minister of Finance of Canada, the chair country of the G7 for next year, emphasizing the importance of solidarity between Korea and the G7, and pledged to strengthen cooperation in future advanced industries such as supply chains for critical minerals, AI, and energy.