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[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Kim Yong-beom, First Vice Minister of Strategy and Finance, stated on the 3rd, "We will implement financial support exceeding 1 trillion won this year by utilizing the special accounts of Korea Eximbank and Korea Trade Insurance Corporation, as well as the Global Plant, Construction, and Smart City (PIS) Fund."

Vice Minister Kim made these remarks during his opening address at the 1st Vice Ministerial Meeting on Price Relations and the 1st Innovation Growth Strategy Review Meeting held at the Government Seoul Office.

He explained, "The overseas infrastructure market is undergoing structural changes such as intensified competition among countries for orders and a shift from fiscal-centered projects to investment-development type projects. To respond to these structural changes, a comprehensive improvement of the global infrastructure market entry strategy is necessary."

He continued, "The government will newly organize a support system for each stage of order acquisition, from project discovery to financial support, to ensure a smooth industrial structure transition." He added, "We will strengthen pre-feasibility studies before project decisions and actively promote the establishment of an integrated overseas order information system."

He also emphasized, "We will prepare strategies for entering emerging market infrastructure through government-to-government cooperation with countries such as China and the United States," adding, "We will establish a cooperation platform for joint entry strategies with China and their implementation." He further stated, "With the United States, we will form a joint consortium within the first half of the year to develop joint entry projects in third countries and financial cooperation plans."

Regarding follow-up measures to the 2020 Economic Policy Direction, he mentioned, "It is now necessary for each ministry to concretize detailed plans within the broad framework of policy directions and key tasks and to faithfully implement them on the ground."

Additionally, concerning the Lunar New Year livelihood stabilization measures, he expressed, "Considering the early arrival of liquidity during the Lunar New Year, we will support ordinary citizens to start the year vigorously," and added, "We will also devise measures to promote domestic consumption and revitalize tourism so that warmth can spread throughout the regional economy during the Lunar New Year."

This content was produced with the assistance of AI translation services.