Andukgeun, Minister of Industry, at the Real Economy Emergency Strategy Meeting: "Establishing a Real-Time Communication System"

Minister Andeok Geun of the Ministry of Trade, Industry and Energy is speaking at the launch ceremony of the 'K-Grid Export Alliance' held at the KEPCO Art Center in Yangjae-dong, Seoul on December 3, 2024. Photo by Jo Yongjun

Amid growing uncertainties such as the impeachment of President Yoon Suk-yeol and the inauguration of the second term of the U.S. Donald Trump administration, the Ministry of Trade, Industry and Energy (MOTIE) has decided to establish a real-time communication system with the private sector. Minister An Deok-geun emphasized that the policies currently being pursued will continue without disruption.

On the afternoon of the 17th, MOTIE held a "Joint Public-Private Real Economy Emergency Strategy Meeting" at the Korea International Trade Association, chaired by Minister An Deok-geun, with the participation of the first and second vice ministers, the head of the trade negotiation bureau, representatives from economic organizations, and key industry associations.

On this day, Minister An stated, "As the last line of support for companies, MOTIE will steadfastly pursue industrial and trade policies while responding to uncertainties as a united public-private team," and added, "We will establish a real-time communication system among the government, associations, and companies and strive to promptly resolve difficulties."

Regarding the upcoming inauguration of the new U.S. administration in a month, he said, "We will closely communicate with companies to carefully analyze risk factors and opportunities, minimize negative impacts, and work toward building a mutually beneficial Korea-U.S. relationship."

Under a serious awareness of the situation, MOTIE announced plans to closely monitor real economy trends and continue to steadily implement industrial policies such as fostering advanced industries and strengthening supply chains.

Additionally, to prevent unexpected damage to export companies, MOTIE will prepare thoroughly by strengthening trade finance and will continue to promote regulatory improvements and the establishment of corporate support systems to encourage active investment and foreign investment inflows to overcome uncertainties.

The ministry will also monitor domestic energy prices affected by exchange rate increases and maintain a daily inspection system to ensure that energy supply and facility operations run smoothly. Industry representatives attending the meeting agreed that establishing a real-time communication system between the government and industry is of utmost importance.

At the event, economic organizations were represented by Lee In-ho, Vice Chairman of the Korea International Trade Association; Park Il-jun, Vice Chairman of the Korea Chamber of Commerce and Industry; Kim Chang-beom, Vice Chairman of the Korea Economic Association; Lee Dong-geun, Vice Chairman of the Korea Employers Federation; and Lee Ho-jun, Vice Chairman of the Korea Federation of Medium-sized Enterprises.

From industry-specific associations, attendees included Choi Byung-oh, Chairman of the Textile Industry Federation; Park Tae-sung, Vice Chairman of the Battery Association; Kim Jeong-hoe, Vice Chairman of the Semiconductor Association; Choi Gyu-jong, Vice Chairman of the Shipbuilding and Offshore Plant Association; Park Cheong-won, Vice Chairman of the Electronics and Information Communication Industry Promotion Association; Lee Dong-wook, Vice Chairman of the Display Industry Association; Eom Chan-wang, Vice Chairman of the Chemical Industry Association; Yoo Yeon-baek, Vice Chairman of the Petroleum Association; Yoon Gap-seok, Vice Chairman of the Machinery Industry Promotion Association; Kim Chang-gyu, Vice Chairman of the Private LNG Industry Association; Lee Min-cheol, Vice Chairman of the Nuclear Power Export Industry Association; Lee Kyung-ho, Vice Chairman of the Steel Association; Kim Ju-hong, Executive Director of the Automobile Mobility Industry Association; and Oh Ki-hwan, Executive Director of the Bio Association.

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