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Tuesday, July 23, 2024

Finance Minister Choo meets U.S., Chinese counterparts

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Finance Minister Choo Kyung-ho, right, and U.S. Treasury Secretary Janet Yellen shake hands ahead of a meeting held on the sidelines of the G20 economic leaders’ meeting held in Gandhinagar, India, on Monday. [NEWS1]
Finance Minister Choo Kyung-ho, right, and U.S. Treasury Secretary Janet Yellen shake hands ahead of a meeting held on the sidelines of the G20 economic leaders’ meeting held in Gandhinagar, India, on Monday. [NEWS1]

Finance Minister Choo Kyung-ho met with his U.S. and China counterparts on Monday on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in India.

Choo held talks with U.S. Treasury Secretary Janet Yellen on the U.S. Inflation Reduction Act (IRA) and Chips and Science Act.

Choo expressed gratitude for the United States’ efforts to continuously communicate on the issues, but said concerns remain for Korean companies, the Ministry of Economy and Finance said in a statement Tuesday.

Under the IRA, electric vehicle and battery makers must meet certain requirements for both the critical minerals and battery components added to the automobiles to receive tax credits of up to $7,500. The Chips and Science Act offers foreign chipmakers subsidies totaling $52.7 billion and tax incentives for opening production facilities in the United States.

Korea will continue to work with the United States on sanctions against Russia, the ministry said, quoting Choo. The recent thaw in Korea-Japan relations will expand economic cooperation among the three countries, including the United States, the minister added.

In the first in-person meeting between the Korean and Chinese finance ministers, Choo stressed the close relationship between the two countries, adding they are key partners in trade and investment.

Korea hopes to maintain a “healthy and mature economic cooperative relationship” with China based on “reciprocal respect, benefits and interests,” Choo said in a meeting with Chinese finance chief Liu Kun.

The two ministers shared their opinions on the expansion of personal exchange and cooperation for the supply chain. Choo also proposed to Liu that the two countries’ financial authorities communicate more frequently via various channels.

Choo also met with World Bank President Ajay Banga and European Bank for Reconstruction and Development (EBRD) President Odile Renaud-Basso during his trip.

BY JIN MIN-JI [jin.minji@joongang.co.kr]