Finance ministers of South Korea and the US have shared their views on efforts to continue expansionary fiscal policies in reviving virus-battered local economies and supporting underprivileged groups, the ministry said on Wednesday.

During a phone call between South Korean Finance Minister Hong Nam-ki and his US counterpart Jane Yellen, the two also agreed to strengthen bilateral economic cooperation in tackling the COVID-19 pandemic and the climate change crisis, officials added.

The top economic policymakers also vowed to reinforce Seoul-Washington cooperation in combating climate change through various global platforms, including the Biden administration’s climate summit of the world’s major economies and the P4G summit, scheduled to be held virtually in April and May, respectively.

P4G, which stands for Partnering for Green Growth and the Global Goals 2030, is a public-private initiative aimed at resolving climate change-related challenges.

Hong also proposed Seoul and Washington join hands to speed up the countries’ transition to an eco-friendly digital economy. 

While complimenting South Korea’s drive to prop up the pandemic-battered economy, Yellen said the US administration supports Seoul’s push for promoting green industries.

“South Korean economy’s dynamism and resilience are noteworthy,“ a finance ministry statement quoted Yellen as saying. “(The US government) also feels the need for strengthening bilateral cooperation for green and digital areas and we support the Korean government’s related policy drives, including Green New Deal initiative.”

The Green New Deal, announced last year, is a state agenda proposed by President Moon Jae-in. The comprehensive policy package is aimed at reinvigorating the local economy with a focus on renewable energy as well as green infrastructure and the industrial sector. 

By Choi Jae-hee (cjh@heraldcorp.com)