Choo delivers concerns over IRA, Chips Act to Yellen during US visit

Korean Finance Minister Choo Kyung-ho has met his U.S. counterpart and delivered local businesses' concerns over Washington's latest inflation reduction act and other rules, his office said Friday.

Choo met U.S. Treasury Secretary Janet Yellen during his visit to Washington on Thursday (U.S. time) and discussed bilateral issues, including their cooperation on global supply chains, according to the Ministry of Economy and Finance.

During the talks, the finance minister expressed gratitude to Yellen for preparing guidelines for the Inflation Reduction Act (IRA) and the Chips and Science Act that reflect the opinion of Korean businesses.

The minister, however, also requested Yellen to continue to pay attention to Korean firms' concerns, as "uncertainties" surrounding the acts still remain.

In a separate meeting with Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), the finance minister signed an agreement in which Korea plans to provide $25 million from 2023 to 2027 for a joint technology cooperation fund.

Choo also met Roberto Sifon-Arevalo, the global head of SP Global Ratings to discuss the latest issues surrounding the Korean economy.

During the meeting, Choo said Korea maintains a strong labor market on the back of the service sector, with its unemployment rate reaching a record-low of 2.9 percent in March.

At the G20 Finance Ministers and Central Bank Governors' meeting, Choo called for the IMF to maintain a strong lending capacity in order to bolster the global financial safety net, and seek debt rescheduling for low-income nations.

Countries should also beef up their growth engines by revamping regulations and reforming labor systems, and focus on "restoring the self-recovery capacity of markets," the finance minister added.

Choo will arrive home Saturday. (Yonhap)