Meanwhile, on the economic front, the nation’s finance chief says Korea will seek a proactive approach against external risk factors to maintain its export-oriented recovery momentum for the rest of the year.
Lee Soo-jin with the details.
The South Korean government is carrying out measures to maintain export competitiveness in the face of global uncertainties.
Measures including expanding trade networks, increasing overseas projects and support funds, and following up with state visits were announced during a ministerial meeting on Thursday, presided over by Finance Minister Choi Sang-mok.
While the economy is showing signs of recovery,.. with the economic growth projection for this year being revised upwards to 2-point-6 percent on the back of strong exports,
the minister stressed that external uncertainties remain for the latter half of the year.
“Geopolitical tensions remain and global supply chains are being reorganized as major countries prioritize their own interests. The government will thus carefully monitor external uncertainty factors and supply chain risks while concentrating policy efforts to further strengthen exports for the second half of the year.”
Since 2004 South Korea has secured 21 FTAs with 59 countries, behind only Singapore for the number of FTAs, and it plans to continue expanding its trade network by forming relationships with emerging markets such as the Global South as well as key Indo-Pacific nations.
As for strategies to win overseas projects, the government plans to strengthen cooperation between governments to further secure large-scale projects.
And the Export-Import Bank of Korea the nation’s official export credit agency will spend 85 trillion won, or around 61-point-5 billion dollars, over the next five years to help companies to win orders in key strategic areas such as infrastructure and power plants.
The government will also carry out follow-up measures to state visits, including the most recent to three Central Asian countries, by boosting cooperation with them in key areas such as key minerals, energy, and infrastructure.
The finance minister added that this is the best time to carry out preemptive measures to combat external uncertainties as exports are showing a robust recovery, and that the government will continue working towards making sure that these measures will lead to boosting domestic demand as well.
Lee Soo-jin, Arirang News.
Source : Arirang TV, https://www.arirang.com/news/view?id=272870
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