Deputy Prime Minister Choi Sang-mok held the Ministerial Meeting on International Economic Affairs at the Government Complex-Seoul on July 4 to discuss five agenda items: ①Strategic operation plans for the Export-Import Bank of Korea (EXIM Bank) policy financing, ②Strategies for trade agreements, ③Overseas contract procurement plans for the second half of 2024, and ④Outcome of the President’s visits to Africa and Central Asia and follow-up action plans.
The following are key messages of DPM Choi’s remarks.
[Economic Situation at Home and Abroad]
Recently, the Korean economy has been showing continued export-driven recovery. At this point, it is crucial to firmly maintain this momentum until its impact spreads into every corner of people’s lives. As the external economic conditions surrounding Korea in the second half of the year are challenging, the government is committed to meticulously monitor external instability factors and supply chain risks. At the same time, concerted policy efforts will be made to ensure that the export-led economic recovery in the second half of the year becomes even more robust.
[Strategic Operation Plans for the Export-Import Bank of Korea Policy Financing]
Strategic operation plans for the EXIM Bank policy financing have been prepared to back up a dynamic economy, economic diplomacy, and supply chain security.
Recently, the government has proactively expanded the EXIM Bank’s financial resources by ①increasing the legal capital limit, ②launching a supply chain fund, and ③expanding the EDCF budget. Based on these resources, the government will actively push forward the diversification of financial instruments. The government will make sure that the EXIM Bank will take the lead in Korea’s leap forward to join the ranks of pivotal states in the global community.
[Strategies for Trade Agreements]
Over the past 20 years, the government has secured the world’s second-largest economic territory by signing FTAs with 59 economies (21 agreements). Moving forward, strengthened endeavors will be made to further expand the country’s export market.
The government plans to enter into emerging markets such as the Global South and cement alliances with key Indo-Pacific countries to build a broader and more knit-tight trade network. In particular, cooperation with resource-rich emerging countries will be enhanced to help Korea’s exporting companies maintain their competitiveness.
[Overseas Contract Procurement Plans for the Second Half of 2024]
The government will focus on supporting overseas contract procurement, especially for key projects expected to be signed in the second half of this year, with an aim to expand Korea’s export and overseas contract base. Government-to-government (G2G) cooperation will also be shored up so that Korean firms gain the upper hand in large-scale project bids such as Saudi Arabia’s NEOM City.
[Outcome of the President’s visits to Africa and Central Asia and follow-up action plans]
Lastly, the government will strive to promptly implement follow-up measures to ensure that the achievements from summit diplomacy lead to boosting economic revitalization and restoring people’s livelihoods stability.
Much efforts will be made to achieve mutually beneficial growth and development through economic cooperation* in key sectors with Africa, which has great growth potential.
* ①Expanding trade and investment, ②Collaborating on supply chains for critical minerals, ③Infrastructure projects, and ④Development cooperation.
In addition, the government will swiftly carry out policy tasks* in five key areas including critical minerals, energy and infrastructure to sustain the achievements from the state visits to three Central Asian countries.
* Strengthening cooperation in fields such as energy, plants, and infrastructure, including the supply of high-speed rail, as well as cooperation in the supply chain of critical minerals.
Please refer to the attached files.
