Cho Yong-beom, Deputy Minister of the Ministry of Economy and Finance, met with a delegation from the German Bundestag Finance Committee to discuss the long-term fiscal conditions and key financial issues facing both countries.
During the meeting on September 15, Deputy Minister Cho exchanged views on the direction of fiscal policy and major policy tasks with the delegation, which included Christian Görke, acting chair of the Bundestag Finance Committee, and seven other committee members.
This meeting was organized to share perspectives on the long-term fiscal conditions of both nations and to exchange policy experiences regarding common structural challenges, such as the transition to artificial intelligence (AI) and issues related to low birth rates and an aging population.
Deputy Minister Cho emphasized the need for an active fiscal role to enhance growth potential and mitigate polarization amid rapid structural changes in the economy and society, particularly with the swift restructuring of industrial sectors centered around AI. He also noted the importance of managing national debt sustainably in the long term.
Both sides discussed the impact of demographic changes, such as low birth rates and an aging population, on national finances. Cho introduced Korea's long-term national development strategy, which aims to address these structural challenges by 2045.
The efficient use of limited resources in budget planning was also a key topic of discussion. Cho explained that the 2027 budget proposal includes bold and strategic investments in areas that enhance growth potential while implementing rigorous expenditure restructuring in underperforming sectors, aiming to secure both growth and fiscal soundness.
In response, Görke, the acting chair, explained that Germany is also working to balance fiscal discipline with future investments while expanding investments in defense, infrastructure, and digital sectors. He expressed agreement with Korea's strategic fiscal management direction and noted that the meeting was a meaningful opportunity to share fiscal policy directions and experiences between the two countries.
The Ministry of Economy and Finance plans to continue expanding international discussions on key fiscal management directions and to strengthen policy communication and cooperation with governments, parliaments, and international organizations in major countries.
* This article has been translated by AI.
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