Seoul, Oct 22 : South Korean Finance Minister Choi Sang-mok has assumed the chairmanship of the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting for next year as the country will host the upcoming session for the first time in 20 years, his office said on Tuesday.

Choi officially assumed the chairmanship Monday as Choi attended the latest APEC meeting held in Lima, Peru, where participants also discussed regional and global economic situations, sustainable finance and digital transformation, according to the Ministry of Economy and Finance, Yonhap news agency reported.

Next year's meeting for finance ministers will take place in the South Korean city of Incheon, west of Seoul, with the southeastern city of Gyeongju being chosen as the host city for the APEC summit, as reported by Yonhap news agency.

It will mark the first APEC events to be held in South Korea since 2005 when the country hosted one in the southeastern port city of Busan.

During this week's meeting, Choi proposed discussions about ways of reviving a dynamic economy, pushing for prudent and well-designed financial policies and enhancing stability in digital finance to achieve sustainable regional growth and co-prosperity.

He also stressed the need for APEC to play an active role in devising new solutions to complex global issues, the ministry said.

On the sidelines of the meeting, Choi held a meeting with his Peruvian counterpart, Jose Arista, on Sunday and discussed ways of deepening bilateral economic relations.

Choi also held talks with Hong Kong's Finance Minister Paul Chan on the global economy and pending issues of mutual concern, including Hong Kong's new investment immigration policy.

In Lima, he met with South Korean companies operating in the South American nation, including Samsung Electronics Co., POSCO International, HD Hyundai Heavy Industries Co. and SK Innovation Co., and vowed to work more closely with the Peruvian government to create better business circumstances.

Choi is on a seven-day overseas trip to Peru and the United States for the APEC meeting and the Group of 20 Finance Ministers and Central Bank Governors Meeting.

/IANS