1st VM Bang discussed global economic recovery and measures to boost the Korean Economy

 OECD Ministerial Council Meeting 2023

First Vice Minister Kisun Bang attended the OECD Ministerial Council Meeting (MCM) 2023 held at Paris, France on June 7-8. Alongside the attendance at the MCM, VM Bang also held a meeting with an OECD chief economist, a roundtable with Korean companies operating in France, and made a visit to Station F, a private star-up center.

[OECD Ministerial Council Meeting]

At Session 1, OECD Economic Outlook, the group encouraged the member states to implement policies such as boosting the women employment and reducing gender wage gaps by setting forth the view that enhancing inclusivity and closing the gender gap contributes to the economic growth and productivity. VM Bang assessed that the insecurity of the world economy remains high and expressed his support for the OECD’s efforts to mainstream gender equality by sharing Korea’s experiences of supporting women with a career break such as women’s vocational training for new technologies and tailored recruitments.

VM Bang emphasized that the world should be alert to the trend of blockization and fragmentation spreading to the realms of economy and trade beyond diplomacy and security in order to overcome the world’s economic difficulties. He also suggested that the transition to a low carbon economy should be accelerated to combat climate change and energy crisis.

[A Meeting with OECD Chief Economist Clare Lombardelli]

VM Bang met with Clare Lombardelli, Chief Economist of the OECD on June 8 to discuss the Korean economic outlook and the effects of China’s economic reopening. VM Bang explained that the OECD’s lowered forecast for Korea’s growth is attributed to the delayed recovery of China’s manufacturing industry as well as slowing demand for semiconductors. He added that Korea’s growth will see upward  trends once the upturn of these factors begins in earnest. Lombardelli expressed her gratitude for the detailed explanation on the Korean Economy and her willingness to constantly communicate with the Korean government in regards to the country’s pending challenges such as low birthrate, rapidly aging population and pension reform.

[A Roundtable with Korean Companies in France]

In the roundtable meeting with Korean companies operating in France, including Samsung Electronics and Hyundai Motors, VM Bang listened to and discussed difficulties companies are facing such as delays in the issuance of residence certificates for dispatched employees, increasing environmental regulations by the EU, and the EU’s tightening of food export rules, and decided to actively seek solutions by holding vice-ministerial meetings going forward. Not only that, VM Bang visited Station F, a private start-up incubator, to explore measures to improve policies supporting start-ups.