Choo delivers concerns over IRA, Chips Act to Yellen during U.S. visit

▲ Finance Minister Choo Kyung-ho (L) speaks during a meeting with U.S. Treasury Secretary Janet Yellen in Washington on April 13, 2023, in this photo released by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap)

finance minister-US visit

Choo delivers concerns over IRA, Chips Act to Yellen during U.S. visit

By Kang Yoon-seung

SEJONG, April 14 (Yonhap) -- South 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 South Korean businesses.

The minister, however, also requested Yellen to continue to pay attention to South 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 South Korea plans to provide US$25 million from 2023 to 2027 for a joint technology cooperation fund.

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

During the meeting, Choo said South 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.

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