Choi Sang-mok "Strengthening Export Momentum through Proactive Response to External Uncertainties"

Ministerial Meeting on External Economy... Leap to a Global Hub Nation

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is speaking on current issues such as the strategic operation plan of the Export-Import Bank's policy finance at the Foreign Economic Ministers' Meeting held on the 4th at the Government Seoul Office in Jongno, Seoul. Photo by Jo Yong-jun jun21@

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, said on the 4th, "We will review external risk factors and supply chain risks, while focusing policy efforts on the export recovery in the second half of the year."

In his opening remarks at the Foreign Economic Ministers' Meeting held at the Government Seoul Office on the same day, Deputy Prime Minister Choi said, "Reflecting the export-driven economic recovery trend, we have revised this year's growth rate upward to 2.6% in the economic outlook for the second half of the year," adding, "Now, as exports are recovering, is the right time to thoroughly prepare for external uncertainties."

He emphasized, "We will take proactive and preemptive steps ahead of any typhoon-level external environmental changes that may occur in the second half, which could negatively impact exports, the ladder of economic growth." He added, "We will provide seamless support so that the export-driven economic upturn spreads to domestic demand and leads to balanced growth."

At the meeting, strategic operation plans for the Export-Import Bank's policy finance, trade agreement strategies, overseas order plans for the second half, and follow-up measures after visits to Africa and Central Asia were discussed and decided.

Deputy Prime Minister Choi explained, "We have proactively expanded financial resources, including increasing the statutory capital limit of the Export-Import Bank, launching the supply chain fund, and expanding the budget for the Economic Development Cooperation Fund (EDCF)." He added, "Based on this, we will diversify financial instruments by establishing a super-large order program and developing the K-Finance package to expand development cooperation."

Regarding trade agreement strategies, he announced, "To expand the export economic territory, we will pioneer emerging markets such as the Global South and strengthen solidarity with key countries in the Indo-Pacific to build a broad and dense trade network."

Furthermore, he added, "To expand the export and order base of our companies, we will focus on supporting overseas orders centered on key projects in the second half, and continue follow-up measures at a rapid pace to ensure that the outcomes of summit diplomacy lead to economic revitalization and stabilization of people’s livelihoods."

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