Ministry of Industry and OECD Joint Conference... "Discussion on Post-Corona GVC Restructuring"

Sung Yun-mo, Minister of Trade, Industry and Energy / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Kim Bo-kyung] Our government is discussing the reorganization of the global value chain (GVC) and digital trade in the post-COVID-19 era together with the Organisation for Economic Co-operation and Development (OECD).

On the 29th, Sung Yun-mo, Minister of Trade, Industry and Energy, held a video conference with Angel Gurr?a, Secretary-General of the OECD. The two exchanged views on policy responses and cooperation measures in the industrial and trade sectors related to the post-COVID-19 era and agreed to hold the 'Ministry of Trade, Industry and Energy-OECD Joint Conference' on the 18th of next month.

At the joint conference, discussions will focus on ▲restructuring the GVC ▲industrial and trade policies related to the digital economy ▲analysis of changes in the business environment to respond to the post-COVID-19 era.

Minister Sung explained that to overcome the economic crisis caused by the novel coronavirus infection (COVID-19), Korea is pursuing an inclusive recovery aimed at job creation through ▲a digital economy-led model ▲the Korean New Deal ▲and strengthening the social safety net.

In particular, he stated, "The GVC, which used to prioritize efficiency and cost, is being reorganized around resilience and reliability," adding, "Korea is also striving to emerge as a core base of the GVC centered on the transparency and reliability accumulated during the COVID-19 recovery process, alongside efforts to diversify supply chains."

He also said, "Due to COVID-19, digital transformation is accelerating, and non-face-to-face services are expected to increase," and added, "Korea is promoting industrial development, improving digital economy-related systems, and establishing international norms to meet the demand for upgrading digital infrastructure."

Secretary-General Gurr?a mentioned, "I believe Korea will adjust its growth strategy to suit the changed environment faced in the post-COVID-19 era and turn the crisis into an opportunity," and said, "We will work to enhance cooperation on policies related to the GVC and digital economy."

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