Seoul: The budget ministry said Tuesday it shared South Korea's experience in responding to transformation and demographic changes driven by artificial intelligence (AI) with a visiting German parliamentary delegation. Vice Budget Minister Cho Yong-beom met with the delegation led by Christian Gorke, acting chair of the Finance Committee at the Bundestag, the lower house of Germany's parliament, to exchange views on policy challenges facing the two countries, according to the Ministry of Planning and Budget.
According to Yonhap News Agency, during the meeting, Cho emphasized the need for fiscal policy to play a proactive role in enhancing growth potential and addressing economic disparities amidst an AI-driven industrial transformation. He further explained that South Korea is actively working to tackle demographic challenges, such as the low birth rate and aging population, and their implications for public finances.
The discussions also covered setting budget priorities to ensure more effective utilization of limited resources. Cho highlighted key elements of South Korea's 2027 budget proposal, pointing out that the country is striving for both economic growth and fiscal responsibility as Asia's fourth-largest economy.
In response, Christian Gorke noted that Germany is similarly aiming to balance fiscal discipline with investments in future-oriented areas. He described the meeting as meaningful, stating that the exchange allowed both countries to share their fiscal policy directions and experiences, according to the ministry.