According to the Ministry of Finance, Huh attended the OECD Ministerial Council in Paris on June 3-4. This year marks the 30th anniversary of South Korea's membership in the OECD, and the country served as the vice-chair of the council, leading discussions and agenda-setting.
Huh proposed collaborative measures to overcome recent economic crises and restore global economic momentum. He emphasized South Korea's commitment to actively participate in OECD discussions on global issues and strengthen cooperation with member countries to fulfill its responsibilities.
"Smooth cooperation requires collaboration based on openness and norms, as well as innovation and productivity enhancement," Huh said. He stressed the need for "inclusive and forward-looking efforts" in the face of rapid changes such as artificial intelligence and climate change.
Huh chaired a discussion on improving regulatory frameworks to promote competitiveness. Participating member countries agreed on the need to simplify regulations to ease the burden on businesses, create a fair competitive environment, and establish data governance for the free flow of trustworthy data. They requested the OECD to provide guidelines and develop standards to facilitate these efforts.
During the council meeting, Huh also held bilateral discussions with OECD Chief Economist Stefano Scarpetta and officials from the French Ministry of Economy and Finance and the central bank.
In his meeting with Scarpetta, Huh explained that the South Korean economy is showing a solid recovery, having recorded a 1.7% GDP growth rate in the first quarter of this year.
Scarpetta responded positively, adjusting the forecast for South Korea's economic growth from 1.7% to 2.6% for the year.
In subsequent meetings with Bertrand Dufour, Director General of the French Ministry of Economy and Finance, and Agnès Benassi-Kéré, Deputy Governor of the French central bank, both countries expressed their commitment to strengthening economic cooperation. They also agreed to continue collaboration within frameworks such as the G7 and G20, while seeking ongoing financial and economic cooperation between South Korea and France.
Additionally, they reached a consensus on the necessity of public development assistance (ODA) and private financing for developing countries, agreeing to expand cooperation in development finance.
Meanwhile, Huh conducted an investment briefing on the South Korean economy for major European investment institutions, attended by executives from French investment banks and asset management firms.
* This article has been translated by AI.
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