Anchor: The Asia-Pacific Economic Cooperation, or APEC, Finance Ministers’ Meeting and Structural Reform Ministerial Meeting is underway in South Korea. Ahead of this year's APEC summit in the southeastern city of Gyeongju, attendees are drafting a five-year road map, dubbed the "Incheon Plan," which stresses innovation and emerging technologies alongside its traditional focus on finance.
Kim Bum-soo has more. 

Report: Finance ministers from the APEC member states kicked off a three-day gathering in South Korea on Tuesday, where they are forging a new five-year policy road map dubbed the "Incheon Plan."

In his speech at the finance ministers’ meeting, Deputy Prime Minister Koo Yun-cheol emphasized the inevitable role artificial intelligence will play in the region's economic future.

[Sound bite: Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol (English)]
"As we enter the era of AI transformation, the finance ministers must take the lead, fostering an innovation-friendly environment and supporting the private sector while continuously reflecting on its role and sharing solutions. Korea has placed AI transformation at the top of its policy agenda, motivated by the pressing belief that harnessing AI across every sector of society is the only path to raising our growth potential."
 
Ahead of this year’s APEC summit, which begins on Friday of next week, finance ministers will discuss the roles of innovation, finance, fiscal policy and structural reform, highlighting AI as a key lever to advancing the gathering's slogan, “Building a Sustainable Tomorrow.”

[Sound bite: Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol (English)]
"More recently, AI-driven digital finance has been spreading at remarkable speed, enabling alternative credit assessments for small businesses and even employing big data and AI to tackle challenges such as phone scams. Our task is to foster innovation while building a responsible financial ecosystem―one that balances opportunities with risks and ensures that financial access reaches vulnerable groups and remote communities."

AI is expected to take center stage again at this year's APEC summit, which will take place in South Korea's southeastern city of Gyeongju. 

Leaders of APEC's 21 member economies will convene on October 31 and November 1 to discuss collaboration on matters including trade, sustainability and innovation-driven growth across the region. 
Kim Bum-soo, KBS World Radio News.