Yoon Declares 'K-Export Drive'... "I Will Run on the Front Lines"

Yoon Chairs 'Export Strategy Meeting' Setting $685 Billion Export Target
Designates 'Export and Investment Officers' in Each Ministry... "Establishing Pan-Ministerial Response"
Highlights 'K-Contents'... "Best Efforts for High Value-Added through Inter-Ministerial Coordination"

[Asia Economy Reporter Baek Kyunghwan] President Yoon Seok-yeol has taken direct action to boost 'K-exports.' Despite the global economic downturn, President Yoon's plan is to expand exports through fostering new industries such as K-content. He set this year's total export target for South Korea at $685 billion, 0.2% higher than the previous year. To achieve this, each ministry will appoint an 'Export and Investment Officer' to monitor export implementation status.

On the morning of the 23rd, President Yoon chaired the 4th Export Strategy Meeting at the Blue House State Guest House, stating, "Overcoming the complex crisis including high interest rates can only be achieved through exports and startup activation," and instructed, "Thoroughly review each ministry's export strategies to drive a strong export push."

President Yoon Suk-yeol is presiding over the 4th Export Strategy Meeting at the Blue House's Yeongbingwan on the 23rd.
[Photo by Yonhap News]

President Yoon expressed concern, saying, "Experts forecast a 4.5% decline in exports this year due to global economic slowdown and semiconductor price drops." Although the current account balance remained in surplus, he noted that trade, which reflects the real economy's vitality, is slowing down. However, he emphasized, "If trade deficits persist, our economy, which is highly dependent on external factors, will face severe difficulties. Nevertheless, we must raise our targets compared to last year and do our best to achieve them."

He also mentioned support measures. President Yoon said, "The government will actively support expanding export orders in 12 sectors including nuclear power, defense, overseas construction, agricultural and marine food products, content, and bio industries," adding, "Along with the export strategy meetings I personally chair, we will promptly resolve companies' difficulties through a one-stop export order support team."

He identified 'K-content' as a new export engine. With K-content gaining worldwide popularity, the related export scale is increasing, and considering the ripple effects on upstream and downstream research, its economic value is expected to continuously expand. President Yoon urged, "Relevant ministries should do their best to add high value by linking overseas content with fashion, tourism, food, IT, and other sectors."

Support for existing key export sectors was also promised. President Yoon stated, "To support exports in our core manufacturing sectors, which have recently seen some decline in momentum, we will further expand tax credits," and added, "Regarding secondary batteries and electric vehicles, we will increase investment in technology development, and for shipbuilding, we will expand ship and financial support."

Relevant ministries also reported measures to the president to achieve export growth. The Ministry of Trade, Industry and Energy revealed plans to invest 1.5 trillion won in government-wide export support projects and to expand trade finance supply to a record high of 362.5 trillion won. This includes country-specific customized package order strategies for 'order strategy industries' such as nuclear power and defense, and export commercialization support plans for 'promising export industries' such as agricultural and marine food products and digital industries.

Regarding the activation of the 'K-content' industry emphasized by President Yoon, the Ministry of Culture, Sports and Tourism mentioned plans to create 1 trillion won in policy finance. They explained directions for pioneering new markets in the Middle East, North America, and Europe as a solution to the industry's chronic funding shortages. Additionally, to expand exports of agricultural and marine food products, the Ministry of Agriculture, Food and Rural Affairs and the Ministry of Oceans and Fisheries proposed overseas market development using K-culture and product diversification such as ready meals. This will be promoted in connection with plans to increase national shipping companies' cargo transport capacity by 30% and to build smart ports at Busan Port and Jinhae New Port.

President Yoon reiterated, "I said I would serve as the No. 1 salesperson to promote exports, and I will place the economy and exports at the center of all diplomacy and work on the front lines," and urged, "I ask everyone to unite their capabilities together."

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