Koo Yoon-chul: "Bridging Gaps Is Key in the Era of AI Supremacy Competition" (Comprehensive)

Press Conference on the Finance and Structural Reform Ministers' Meeting Held on the 23rd
APEC Agenda to Be Discussed at the Summit as Well

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul stated on the 23rd, "Amid rapidly changing global dynamics such as major countries' trade policies and the competition for supremacy in artificial intelligence (AI) technology, the adoption of the Incheon Plan has reaffirmed the importance of policy coordination and cooperation within the region." He added, "The topics discussed at this meeting-including structural innovation, digital and AI innovation, and expanding opportunities for financial participation-will also be addressed at next week's summit."

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol is answering reporters' questions at a joint press conference of the Asia-Pacific Economic Cooperation (APEC) Finance and Structural Reform Ministers' Meeting held on October 23 at the Inspire Resort in Incheon.

During a Q&A session with the press held on the first floor of the Mountain Room at Inspire Resort in Incheon, Deputy Prime Minister Koo said, "This APEC (Asia-Pacific Economic Cooperation) Finance and Structural Reform Ministers' Meeting was significant in that Korea, as the chair country, proactively set the agenda and presented a new paradigm of cooperation to respond to changes in the economic order in the age of AI."

At this meeting, the government introduced the "Incheon Plan," a new roadmap for the APEC finance track for the next five years. The plan focuses on innovation in the era of AI transformation, sustainable fiscal policy, and inclusive growth for all. Deputy Prime Minister Koo emphasized, "Since this agreement was reached unanimously ahead of the summit, we will work to ensure it leads to tangible outcomes at the summit. The Incheon Plan, for the first time in the finance track, has included the provision of equal economic opportunities for all as a key agenda item."

Deputy Prime Minister Koo explained that the Incheon Plan reflects the awareness of the need to address widening gaps among countries as the competition for AI technology supremacy intensifies. He stressed, "If AI development is concentrated only in a few countries such as the United States and China, other member economies could be left behind in the digital economy, and that gap could become a significant issue." He continued, "Since the Incheon Plan addresses the need to bridge these gaps, the Finance Ministers' Meetings over the next five years will focus on concrete steps for implementation."

Deputy Prime Minister Koo said, "At this meeting, we unanimously adopted a joint statement, and at the Structural Reform Ministers' Meeting, there were major achievements with the adoption of both the joint statement and two annexes. At next week's summit, we will discuss issues raised by Korea, such as digital and AI innovation, fiscal policy, and expanding opportunities for financial participation." Lee Jiyoon, a senior official at the Ministry of Foreign Affairs who participated in the press Q&A, also explained, "As the chair country, Korea is preparing a separate statement on the 'AI Initiative,' and we are also planning to address demographic issues in a separate document."