Budget ministry discusses AI, structural challenges with German delegation
Vice Budget Minister Cho Yong-beom, right, shakes hands with Christian Gorke, acting chair of the Finance Committee at the Bundestag, the lower house of Germany's parliament, in Seoul, Tuesday. Courtesy of the Ministry of Planning and Budget
The budget ministry said Tuesday it shared 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.
During the meeting, Cho said fiscal policy needs to play a proactive role in bolstering growth potential and easing economic disparities amid an AI-driven industrial transformation.
The vice budget minister added Korea is working to fundamentally address demographic challenges, including the low birth rate and aging population, and their impact on public finances.
The two sides exchanged views on setting budget priorities to make more effective use of limited resources.
Cho also shared key aspects of Korea's 2027 budget proposal, noting that Asia's No. 4 economy is pursuing both economic growth and fiscal soundness.
In response, Gorke said Germany is similarly seeking a balance between fiscal discipline and investment in future-oriented areas.
Gorke described the meeting as meaningful, saying the two countries were able to share their fiscal policy directions and experiences, according to the ministry.