Photo: Yonhap News
South Korea will strengthen cooperation with Indonesia and Singapore regarding global supply chain issues aggravated by the war in Ukraine.
Finance Minister Choo Kyung-ho held talks with his counterparts on the sidelines of a G20 meeting in Bali, Indonesia on Friday.
In talks with Indonesian Finance Minister Sri Mulyani Indrawati, the two sides discussed ways to boost investment in supply chains, with Choo pledging Korea’s active participation in global efforts to restore free trade and restore supply chains.
He also called on Jakarta to play a role in responding to export controls that are causing instability in the global economy.
Noting that major Korean companies have made progress in the automotive, battery, chemical and steel sectors in the Southeast Asian country, Choo offered the two sides to intensify cooperation on supply chains by combining Korean technology and Indonesian resources.
Minister Sri Mulyani called on Seoul to invest in environmentally friendly sectors and in her country’s transition to a green economy.
In talks with Singaporean Finance Minister Lawrence Wong, Choo said that as two founding member countries of the Indo-Pacific Economic Framework, Korea and Singapore can work together to improve the business environment.
Choo said that in addition to managing fiscal and monetary policies to deal with the global crisis, improving economic productivity through fundamental structural labor and public sector reforms is equally important.
Minister Wong said Singapore is focusing on the area of education, such as vocational training.