SEOUL - In a significant step towards strengthening economic ties, the finance ministers of South Korea and the United Kingdom convened on Tuesday for a video conference. They discussed the initiation of a bilateral economic dialogue and the enhancement of investment cooperation, as a follow-up to the recent summit between their respective leaders. According to Yonhap News Agency, Seoul's Ministry of Economy and Finance. During the conference, South Korea's Finance Minister Choo Kyung-ho engaged with Britain's Chancellor of the Exchequer Jeremy Richard Streynsham Hunt. The dialogue focused on reinforcing bilateral cooperation across various sectors, including energy, supply chains, and advanced science technologies. This discussion comes as a continuation of efforts initiated during South Korean President Yoon Suk Yeol's state visit to Britain. In that visit, President Yoon met with British Prime Minister Rishi Sunak, leading to the signing of the "Downing Street Accord." This accord aims to elevate the bilateral security and economic relationships to their highest level yet.
Both nations have committed to launching a dialogue specifically targeting economic and financial issues. Minister Choo proposed the idea of holding the first meeting of this dialogue in the upcoming year, seeking active cooperation from the British government.
Chancellor Hunt acknowledged the progress in economic relations following President Yoon's visit to the UK. He emphasized the importance of closer ties between the two nations amidst global economic uncertainties. Additionally, Hunt praised the South Korean economic model, particularly highlighting the country's advancements in semiconductor and other high-tech industries, its robust education system, and expressed interest in various aspects of South Korean culture, including dramas, cuisine, and the broader cultural landscape.
The Ministry of Economy and Finance stated that the South Korean government is committed to maintaining close communication with Britain to ensure the smooth implementation of the projects agreed upon during these discussions.