Opening Address at the APEC Structural Reform Ministerial Meeting on October 22
On October 22, Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol stated at the opening ceremony of the APEC Structural Reform Ministerial Meeting held in Incheon that "regional cooperation is needed for the introduction of AI, as well as for regulatory easing, talent development, and infrastructure to create a safe AI ecosystem."
On this day, Deputy Prime Minister Koo emphasized the need for structural reforms to strengthen regional connectivity, innovation, and prosperity, in line with the theme of this year's APEC Summit, "Building a Sustainable Tomorrow: Connect, Innovate, Prosper."
In particular, Deputy Prime Minister Koo predicted that the recent advancements in AI technology would surpass previous industrial revolutions and impact the entire economy and society. He assessed that "we are at a critical inflection point that will be significant enough to divide the course of human history," and added, "How we leverage the opportunities presented by AI in the future depends on us."
Deputy Prime Minister Koo stressed the importance of consistent policy cooperation for integrated markets and business environments within the region. He said, "Through the fourth APEC Ease of Doing Business (EoDB) Action Plan, we will aim for a 20% improvement in five key areas over the next ten years." He also mentioned that understanding plans and capacity building would be promoted to achieve this goal.
The five key areas are market entry, financial services, business location, market competition, and dispute resolution. In particular, Deputy Prime Minister Koo expressed hope that "structural barriers such as entry regulations will be eased in the services sector, which accounts for more than half of the region's GDP and employment, and that regional cooperation will be strengthened." He also emphasized the importance of AI and digital transformation for regional innovation. Deputy Prime Minister Koo stated, "Not only are strategies tailored to each member's circumstances necessary, but regional cooperation such as regulatory easing is also required." He added, "I hope that next year's APEC Economic Policy Report on structural reform and AI-driven digital transformation will make a meaningful contribution."
He also stated that, for regional prosperity, everyone should be able to enjoy the opportunities and benefits of growth. In particular, he said, "To respond to structural transitions, we must focus on structural reforms that expand job opportunities and enhance the capabilities and retraining of youth and the elderly, promote the economic participation of small and medium-sized enterprises and women, and strengthen the social safety net."
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