- Promoted the cooperation to tackle COVID-19 and shared the future orientation for the OECD

1. Deputy Prime Minister (DPM) Hong Nam-ki delivered opening remarks at the opening ceremony of the first part of 2021 OECD Meeting of the Council at Ministerial Level (MCM) held virtually on May 31 under the theme “Shared Values: Building a Green and Inclusive Future” to discuss measures to strengthen international cooperation and recover from the COVID-19 crisis as well as ways to push forward green and inclusive growth.

2. As Vice-Chair of 2021 OECD MCM, DPM Hong emphasized the way forward the global community should take with three key words in building a green and inclusive future. The following is a summary of DPM Hong’s remarks.

° Enhance ‘Resilience’ of the global economy: To sustain Korea’s fast economic recovery and upturn, it’s important to fundamentally strengthen resilience in areas of Global Value Chain (GVC), Multilateralism, and International mobility. In this regard, it’s welcoming to see the progress of the OECD ‘Mobility Initiative’ and its efforts to swift and equitable deployment vaccines. 

° Promote ‘Inclusiveness’ by bridging the gap between countries and between classes: It’s encouraging to see the OECD’s special interest in inequality in employment and housing for the vulnerable groups such as youth and women. Also it’s necessary to address the uneven recovery between countries by supporting vulnerable economies with programs like DSSI (Debt Service Suspension Initiative) and Common Framework for debt restructuring, and placing a higher priority on inclusive ODA.

° Foster ‘Innovation’ in response to the post-COVID era: As COVID-19 has accelerated the structural shift towards a digital and green economy, innovation-driven transition and enhanced adaptability are critical to its success. In this regard, OECD IPAC (International Programme for Action on Climate) initiative will provide a strong boost to global climate action.

3. On June 1, the second day of the MCM, Lee Seong-ho, the Deputy Minister for Economic Affairs of the Ministry of Foreign Affairs, congratulated the inauguration of new Secretary-General Mathias Cormann and reiterated the key roles of the OECD for the future.

° Deputy Minister Lee suggested that the OECD focus on ▴ supporting transition to a resilient digital economy, ▴ implementing concrete and practical projects to curb the climate change, ▴considering inclusive growth to cope with socio-economic transformation, ▴strengthening the evidence-based policy guidance role, ▴enlarging global networks by cooperating with non-member countries, and ▴diversifying the nationality and gender in the OECD secretariat, and highlighted the role of Korea to reach to these achievements.

4. On the occasion of celebrating the 60th anniversary of the establishment of the OECD and welcoming the inauguration of the new Secretary-General in 15 years, this first MCM provided an opportunity to look back at the efforts exerted by the OECD and its member countries to tackle COVID-19 and share the future orientation for the OECD to cope with socio-economic changes including digital transformation and climate change.

° As a vice-chair of this year’s MCM, Korea offered the ways the OECD can contribute to meeting the emerging demand and furthering the international cooperation to overcome threats and to reach sustainable growth.

° Korea will be actively committed to the second part of the 2021 MCM which will be held on October 7-8 to continue to cooperate and discuss concrete solutions to global challenges including digital transformation and climate change.