Koo Yoon-chul Supports Adoption of 'Africa Cooperation Framework'... "Korea Will Be a Partner in Progress"

Exchanging Views at the G20 Finance Ministers Meeting
Supporting Africa's Leadership in Its Own Development

On October 16 (local time), Deputy Prime Minister and Minister of Strategy and Finance Koo Yoon-chul, who is attending the G20 Finance Ministers Meeting in Washington, D.C., USA, announced that Korea will expand its cooperation to support the growth of the African continent.

During the meeting, Deputy Prime Minister Koo exchanged views with finance ministers and central bank governors from major countries on the topics of the 'Africa Cooperation Framework' and global financial issues.

The 'Africa Cooperation Framework' discussed at this meeting is a new mid- to long-term policy framework proposed by South Africa, the G20 chair for this year. The framework aims to fundamentally address the structural factors that have delayed Africa's growth and development. Its core goal is to support Africa, which has abundant natural resources and a rapidly growing population, in pursuing a sustainable development path.

This framework was finalized at this meeting after multiple discussions within the G20 working group over the past year. G20 member countries reached a consensus to strengthen policy cooperation through 2030 and to support African countries in leading their own development across various sectors, including infrastructure, energy, finance, and digital transformation.

Deputy Prime Minister and Minister of Strategy and Finance Koo Yoonchul, who is visiting Washington D.C., USA to attend the G20 Finance Ministers Meeting and the International Monetary Fund and World Bank (IMF/WB) Annual Meetings, is shaking hands and greeting Valery Vuyhbang, CEO of Euroclear Group, before their meeting at the International Monetary Fund (IMF) on the 16th (local time). (Photo by Ministry of Strategy and Finance)

In his remarks, Deputy Prime Minister Koo stated, "The Korean government recognizes the tremendous potential and growth prospects of the African continent," and added, "We will actively expand exchanges and cooperation with African countries going forward." He also emphasized, "For the successful implementation of the framework, it is important for African countries to take a leading role," expressing his expectations for South Africa's leadership.

Deputy Prime Minister Koo further highlighted, "Korea achieved rapid growth in the 1960s and 1970s based on the mid- to long-term development strategy of the Five-Year Economic Development Plan," and stressed, "I hope this cooperation framework will serve as a springboard for a new leap forward for the African continent."

In addition to African cooperation, the meeting also addressed global financial stability, the debt issues of developing countries, and sustainable growth strategies. In particular, G20 member countries agreed to summarize the meeting outcomes in the form of a 'Chair's Summary' under the leadership of South Africa. They also adopted a 'Ministerial Declaration on Debt Sustainability' addressing the debt vulnerabilities of developing countries.

With this meeting, all G20 Finance Ministers Meetings under South Africa's G20 presidency have concluded. Participating countries assessed that the meeting established a new framework for global North-South cooperation and served as an opportunity to address debt and development challenges faced by vulnerable countries.

Meanwhile, on the same day, Deputy Prime Minister Koo met with Val?rie Urbain, CEO of Euroclear Group, to review the status of cooperation regarding Korea's inclusion in the World Government Bond Index (WGBI). Deputy Prime Minister Koo expressed his gratitude for Euroclear's continued support for the inclusion of Korean government bonds in the WGBI, stating, "The Korean government will also work to improve relevant systems and the investment environment so that foreign investors can access Korean government bonds more securely."

Deputy Prime Minister Koo and CEO Urbain also shared updates on the preparations by Euroclear's client global investment banks for the inclusion of Korean government bonds, and discussed ways to boost investment and future cooperation. Both sides agreed to maintain close communication until the final inclusion is completed.