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Korea, Britain finance chiefs discuss economic dialogue, investment ties

Dec. 5, 2023 - 19:50 By Yonhap

Korea's Finance Minister Choo Kyung-ho speaks during a video conference with Britain's Chancellor of the Exchequer Jeremy Richard Streynsham Hunt held Tuesday. (The Ministry of Economy and Finance)

The finance ministers of South Korea and Britain on Tuesday discussed the establishment of a bilateral economic dialogue and investment cooperation channels as follow-up measures to last month's summit of their leaders, Seoul's finance ministry said.

During a video conference with Britain's Chancellor of the Exchequer Jeremy Richard Streynsham Hunt, South Korea's Finance Minister Choo Kyung-ho voiced expectations for stronger bilateral cooperation on energy, supply chains and advanced science technologies, among other fields, according to the Ministry of Economy and Finance.

During a state visit to Britain, South Korean President Yoon Suk Yeol met with British Prime Minister Rishi Sunak, and they signed the "Downing Street Accord," which calls for raising the bilateral security and economic ties to the highest level.

The two nations also agreed to launch a dialogue on economy and finance, and Choo asked for the British government's cooperation to hold an inaugural meeting next year.

Hunt said the bilateral economic ties have improved following Yoon's visit to Britain and the two nations should get closer amid global economic uncertainties, the ministry said.

The British minister also positively assessed the South Korean model for economic growth, which was led by the development of semiconductor and other advanced industries as well as a good education system, and expressed interest in South Korean dramas, food and the overall culture.

"The government will maintain close communication with Britain to implement the agreed-upon projects without a hitch," the ministry said in a release.