Choi Sang-mok: "We Will Open the Era of 1 Trillion Dollar Cumulative Overseas Construction Orders"

The government announced that it will open the era of $1 trillion in cumulative overseas construction orders this year. It will also provide follow-up support for summit diplomacy through the 'Global Partnership Implementation Inspection Team,' which includes first-level officials from each ministry.

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, stated at the first Foreign Economic Ministers' Meeting and the Foreign Economic Cooperation Fund Management Committee he chaired at the Government Seoul Office on the 7th after his appointment, "Following last year's achievement of $33.3 billion in overseas orders, the government will meticulously pursue order strategies by five key regions including the Middle East and Asia this year to open the 'era of $1 trillion in cumulative overseas construction orders.'"

He said, "In the Middle East region, we will strengthen infrastructure financial support to ensure that the outcomes of exchanges between heads of state lead to additional orders, and expand cooperation into advanced infrastructure sectors such as hydrogen and smart cities," adding, "in Southeast Asia, efforts to improve order conditions will continue, including expanding development finance such as the Economic Development Cooperation Fund (EDCF) to rebound order performance."

He also emphasized follow-up support for summit diplomacy. Deputy Prime Minister Choi said, "One of the important purposes of summit diplomacy is to connect it to exports, orders, and investments to create jobs and contribute to people's livelihoods," and added, "All ministries will work as one team to fully support the prompt implementation of memorandums of understanding (MOUs) and investment commitments signed during the tours into actual exports, orders, and investments."

To facilitate communication with companies in partner countries, the government will actively utilize the overseas diplomatic mission network, and if responses from partner companies are delayed, the resident officers in the respective countries will directly visit the companies to understand the situation and propose solutions. Additionally, all government-to-government cooperation channels held by each ministry will be thoroughly surveyed to increase contact points with partner governments, and a new Economic Diplomacy Consulting Center will be established to provide information needed by companies related to key countries.

Regulations or systems that pose obstacles will be improved, and budgets essential for follow-up project promotion will be reflected in next year’s budget plan. If export financing is needed, support will be provided through the Export-Import Bank and the Korea Trade Insurance Corporation. Deputy Prime Minister Choi said, "To systematically carry out such support, we will utilize the 'Global Partnership Implementation Inspection Team,' which includes the first vice minister of the Ministry of Economy and Finance and first-level officials from each ministry, as a control tower."

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