Why Is the Foreign Minister at the Venture Industry New Year's Gathering?... Expanding Economic Outreach

Foreign Minister Attends First Venture Industry New Year's Meeting
"Foreign Ministry Is Also an Economic Ministry" Economic Initiatives from Early in Term
Supporting Market Development Using Overseas Diplomatic Missions Worldwide

Cho Tae-yeol, Minister of Foreign Affairs, is taking the oath of office at the inauguration ceremony for the new Minister of Foreign Affairs held on the morning of the 12th at the Government Seoul Office in Jongno-gu, Seoul.
[Image source=Yonhap News]

Foreign Minister Cho Tae-yeol made his first external move since taking office by attending the New Year's greeting event of the innovation venture industry. This is the first time the head of the Ministry of Foreign Affairs has participated in this event. Minister Cho, who stated in his inaugural remarks that "the Ministry of Foreign Affairs is also a part of the economic ministries," is expanding his economic scope from the early days of his term. It is expected that the Ministry of Foreign Affairs, which has 167 overseas diplomatic missions worldwide, will greatly assist in pioneering overseas markets and exports once it actively engages in supporting companies.

On the morning of the 19th, Minister Cho attended the innovation venture industry New Year's greeting event together with Oh Young-joo, Minister of SMEs and Startups and former Second Vice Minister of Foreign Affairs. This event is held annually as a regular occasion for communication between the government and the venture industry. On this day, more than 150 people attended, including 14 heads of venture associations and related organizations such as Sung Sang-yeop, chairman of the Korea Venture Business Association, and businesspeople.

Minister Cho's choice of a venture industry event as his first external schedule is interpreted as a declaration of the Ministry of Foreign Affairs' intention to actively promote economic revitalization and support for companies going forward. A Ministry of Foreign Affairs official said, "Minister Cho emphasized focusing on economic security and the overseas expansion of companies. There are many areas where collaboration is necessary for the people and businesses."

Minister Cho is reportedly coordinating a schedule to meet soon with the heads of the four major economic organizations, including the Korea Economic Association, to hear their opinions. Since President Yoon Suk-yeol urged at the New Year’s address to "break down the barriers between ministries," the Ministry of Foreign Affairs may share roles with economic ministries such as the Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups in the future.

In particular, the Ministry of Foreign Affairs has also set a policy to assist companies through overseas diplomatic missions. The Ministry of Foreign Affairs has 167 overseas diplomatic missions worldwide, including resident embassies, consulates, and representative offices. This year, it will establish additional overseas missions in 12 locations, including Luxembourg and Suriname. Although the government failed to host the 2030 Busan Expo, the extensive network built with numerous countries during the preparation process is expected to be helpful, according to opinions from inside and outside the Ministry of Foreign Affairs.

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