Anduk Geun, Minister of Industry, "Facing Great Uncertainty... Will Restore Trust in the Korean Economy"

New Year's Address for 2025

Anduk Geun, Minister of Trade, Industry and Energy, stated on the 31st, "We will pursue strategic trade policies that prioritize national interests in the rapidly changing trade environment and work to restore trust in the Korean economy."

In his New Year's address on the same day, Minister Ahn said, "Our economy is expected to face enormous uncertainty."

Anduk Geun, Minister of Trade, Industry and Energy.

Minister Ahn expressed concern, saying, "With the recent overlap of domestic political situations, the sense of crisis regarding the Korean economy is also intensifying. External factors such as the US-China global hegemony competition and supply chain instability are increasing uncertainty in exports and investments, and the deterioration of export conditions and oversupply in key industries such as semiconductors, automobiles, and steel are expected to place a significant burden on the real economy."

Despite the difficulties, Minister Ahn emphasized that he will steadfastly pursue industrial policies with extraordinary determination as a vanguard protecting the real economy. He said, "In response to trade risks arising from the inauguration of the new US administration, the public and private sectors will work together strategically, and based on the strong Korea-US alliance, we will create cooperative opportunities where both countries can achieve win-win outcomes. Additionally, we will expand free trade agreements to broaden our economic stage and actively respond to rising trade barriers such as the European Union (EU) Carbon Border Adjustment Mechanism (CBAM) and the global spread of protectionism."

The Ministry of Trade, Industry and Energy plans to make every effort to expand exports and foreign investment. Minister Ahn explained, "To maintain export momentum this year, we will support the largest-ever scale of trade finance. We will also strengthen incentives focused on advanced industries for foreign investment and improve domestic systems to meet global standards."

Minister Ahn also announced plans to continuously address urgent energy issues, energy security, and carbon neutrality. He stated, "We will do our best to achieve good results in projects such as the final contract for the Czech nuclear power plant and the East Sea deep-sea gas field. We will promptly finalize the 11th Basic Plan for Electricity Supply and Demand to develop a balanced energy mix including nuclear and renewable energy and ensure stable power supply."

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