"This is a strong signal that the quality of life and the well-being of people are being valued highly," he said.

Such a move is in line with the OECD's efforts to boost well-being, he added.

Under the theme of "The Future of Well-being," the forum brings together some 3,000 leaders, experts and civic activists from 100 countries.

OECD Secretary-General Jose Angel Gurria and other well-known figures, such as Jeffrey D. Sachs, a professor of economics at Columbia University, and Joseph E. Stiglitz, another Columbia University faculty member, attend the three-day forum.

Participants will discuss people's well-being and inclusive growth as the ultimate focus for policies and collective action.

They will moreover exchange views on what measures and actions are needed to foster well-being, the new modes of governance that are needed to ensure inclusive growth and sustainable well-being in the coming years. Experts are also set to discuss opportunities and challenges presented by the "digital transformation."

The minister said the Moon Jae-in administration initiated a paradigm shift with economic policies such as inclusive growth and innovation-led growth.

"More specifically, inclusive economic policies include increasing household income, developing social safety nets and investing in human capital ... and to enhance the quality of life and future of well-being, innovative growth is inevitable," he said.

In a meeting with the OECD chief, Kim stressed the need for policy coordination given the growing trade war between the US and China, and rate hikes in the US.

In response, Gurria asked for cooperation from South Korea to boost free trade.

The two sides also agreed to raise their contributions to the global society via cooperation, according to Seoul's finance ministry.

The finance minister also urged support and cooperation from the OECD for the establishment of peace on the Korean peninsula. (Yonhap)