Choo Kyung-ho "Strengthening Support for 15 Major Projects Including Nuclear Power and Plants... Achieving $35 Billion Overseas Orders Target"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 8th, "To achieve this year's overseas orders target of 35 billion dollars, we will focus support on 15 core projects in four major sectors: overseas construction, plants, nuclear power, and eco-friendly businesses."

On the same day, Deputy Prime Minister Choo held the Foreign Economic Ministers' Meeting at the Seoul Government Complex, discussing strategies for promoting key projects by overseas order sectors, follow-up plans for economic achievements from the state visit to the United States, and plans for establishing global innovation zones.

Deputy Prime Minister for Economic Affairs Choo Kyung-ho is delivering opening remarks at the Ministerial Meeting on External Economic Affairs held at the Government Seoul Office in Jongno-gu, Seoul on the 8th. Photo by Dongju Yoon doso7@

Deputy Prime Minister Choo emphasized, "For mega projects such as Saudi Arabia's NEOM City and Indonesia's new capital relocation, we will strengthen intergovernmental cooperation to secure early project acquisition and continuous follow-up orders. We will promptly provide diplomatic and financial support for large-scale plant projects in the Middle East expected to sign contracts this year, and also support expansion into eco-friendly sectors with high potential for order growth, such as green hydrogen, seawater desalination, and international greenhouse gas reduction."

The plan for establishing global innovation zones was also discussed that day. Deputy Prime Minister Choo said, "We analyzed the success factors of the Boston Bio Cluster visited during the U.S. trip and will create similar global innovation zones domestically. To this end, we will drastically enhance the current regulatory free zones by introducing comprehensive negative regulatory exemptions to establish Korean-style innovation clusters that meet global standards."

He added, "Within this year, we plan to designate 2 to 3 of the current regulatory free zones as global innovation zones and establish a total of 10 innovation zones by 2027."

He also revealed follow-up plans for economic achievements from the state visit to the United States. Deputy Prime Minister Choo said, "We will establish the world's best semiconductor alliance foundation by promoting cooperative projects and creating a public-private semiconductor cooperation forum focused on the three promising semiconductor sectors, including next-generation semiconductors." He further explained, "Based on agreements to reduce burdens and uncertainties for our companies related to the U.S. Inflation Reduction Act (IRA) and the CHIPS and Science Act, we will enhance predictability on remaining issues and conduct close consultations to improve mutual benefits."

Deputy Prime Minister Choo stated, "In the second half of this year, we will advance technological cooperation and domestic cluster development in five major fields?semiconductors, batteries, bio, quantum, and digital?by establishing a 'Next-Generation Core and Emerging Technologies Dialogue' between the two countries' National Security Councils (NSC). We will also deepen joint research and educational cooperation in future industry game changer fields such as space, bio, quantum, and AI (artificial intelligence)." The $5.9 billion investment attraction achievement during the U.S. visit will be expedited into tangible investments through meetings with related industries.

The Indo-Pacific Economic Framework (IPEF), launched in May last year, will hold its third round of negotiations for about a week starting today. Deputy Prime Minister Choo said, "In this negotiation, we will especially assert our core interests in economic cooperation and supply chains, reflecting our position as much as possible to minimize burdens. We will also prepare thoroughly for the fourth round of negotiations to be held in Busan in the second half of this year."

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