Deputy Prime Minister and Finance Minister Lee Hyung-il held his inaugural meeting with U.S. Treasury Secretary Scott Bessent, reaffirming the importance of U.S.-South Korea economic and financial cooperation. The two officials also discussed shared economic policy priorities and ways to strengthen bilateral collaboration.
The Ministry of Finance reported that Deputy Prime Minister Lee conducted a virtual meeting with Secretary Bessent on Tuesday afternoon at the Government Complex in Seoul. This marks the first dialogue between Lee, who assumed office on September 22, and Secretary Bessent.
Secretary Bessent congratulated Lee on his appointment and underscored the significance of economic and financial cooperation between the two nations. Lee expressed his gratitude and conveyed his hope for continued close communication and collaboration between the finance ministers of both countries.
The officials also discussed common economic policy priorities and strategies to enhance cooperation.
The Ministry of Finance had initially planned to arrange an in-person meeting with Secretary Bessent during the International Monetary Fund (IMF) and World Bank (WB) annual meetings in Bangkok, Thailand, this month, coinciding with the G20 finance ministers and central bank governors meeting.
However, the meeting shifted to a virtual format after it was decided that a deputy secretary would attend the Bangkok event in place of Secretary Bessent.
The Ministry of Finance intends to maintain ongoing communication with finance ministries of major countries to bolster economic and financial cooperation, particularly with nations like the U.S.
Immediately following the meeting, Deputy Prime Minister Lee stated on his X account (formerly Twitter) that he will prioritize national interests and work to strengthen U.S.-South Korea economic cooperation.
He added that the U.S.-South Korea alliance is a crucial pillar supporting not only security but also the stability and prosperity of both economies. Lee explained that during the meeting, they reaffirmed the importance of economic and financial cooperation between the two countries and discussed shared economic policy challenges and ways to enhance collaboration.
He emphasized that moving forward, it will respect each other’s positions and national interests while maintaining close communication, and it will expand practical cooperation that benefits both nations.
Lee also expressed his anticipation for an in-person meeting in the near future.
Secretary Bessent also posted on his X account, stating that he had a virtual conversation with South Korea’s Deputy Prime Minister and Finance Minister Lee Hyung-il. He congratulated Lee on his appointment and highlighted the importance of U.S.-South Korea economic and financial relations.
Bessent added that he and Deputy Prime Minister Lee discussed opportunities to strengthen common economic policy priorities and bilateral cooperation.