Deputy Prime Minister Cho Sung-mok presides over the foreign economic ministers’ meeting on the 4th
“Check for uncertainties first to maintain the recovery momentum driven by exports”
Designated as a ‘strategic international cooperation financial institution’… Supports international orders, etc.
Follow-up measures to be taken after visits to Africa and Central Asia, ‘[Seoul=Edaily Kwon Hyo-jung Reporter] The government emphasized ‘proactive response’ to external uncertainties in order to continue the increasing trend in exports for the 9th consecutive month and to sustain it in the second half of the year. In addition to the existing export-import bank finances and foreign economic cooperation funds, the government decided to continue with ‘strategic management’ by integrating the supply chain fund this year, ensuring that overseas orders and diplomatic achievements lead to improvements in people’s livelihoods. ‘,
,
,
|
, ‘On the 4th, Deputy Prime Minister Cho Sung-mok presided over the foreign economic ministers’ meeting held at the Government Seoul Complex. The meeting was attended by ministers and vice ministers of relevant ministries and the president of the export-import bank. They discussed and resolved on the strategic operation plan of export-import bank’s policy finance, strategies for promoting trade agreements, plans to pursue overseas orders in the second half of 2024, achievements and follow-up measures related to visits to Africa and Central Asia. ‘,
,
, ‘In his opening remarks, Deputy Prime Minister Cho emphasized, “As our economy continues its recovery trend centered on exports, it is crucial at this point in time to firmly maintain the recovery momentum centered on exports until it spreads widely throughout the livelihood of the people.”’,
,
, ‘To prepare for the second half of the year, Deputy Prime Minister Cho urged thorough checking of uncertainties, supply chain risks, and other factors. He stressed the necessity of proactive response, stating, “Just as the saying goes ‘repair the roof when the sun is shining,’ now is the opportune time to be thoroughly prepared for external uncertainties while exports are recovering.” ‘,
,
, ‘During the meeting, the Ministry of Economy and Finance suggested that policy finance should play a role in stabilizing the supply chain and ensuring economic security through strategic operation plans of the export-import bank’s policy finance. The ministry proposed a vision for the export-import bank to evolve into a ‘strategic international cooperation financial institution’ beyond the traditional role of export finance institutions. To achieve this vision, the government proactively expanded the capital limit of the export-import bank by 10 trillion won compared to the previous limit, raising it to 25 trillion won. They also plan to strengthen coordination with the newly launched 5 trillion won supply chain stabilization fund and the 2 trillion won EDCF. ‘,
,
, ‘Efficiency will be enhanced through increased cooperation among the funds. The government will introduce a mega order program and promote diversification of financial tools, including the development of the ‘K-Finance Package’ to expand development cooperation. By utilizing the ‘K-Finance Package,’ it will be possible to bundle SIB finance, EDCF, and supply chain fund to support large-scale supply chain projects. ‘,
,
, ‘Furthermore, the government emphasized enhancing trading capabilities using free trade agreements (FTA) and supporting overseas orders. Deputy Prime Minister Cho stated, “We will expand our export economic territory and establish a more extensive trading network through initiatives such as ‘Global South’ to pioneer emerging markets.” He added, “We will strengthen intergovernmental cooperation to help Korean companies secure competitiveness in large projects like ‘Neom City’ in Saudi Arabia and provide focused support for overseas orders.”’,
,
, ‘Deputy Prime Minister Cho also announced that follow-up measures will be taken to ensure that the recent economic effects of the African and Central Asian visits lead to improvements in people’s livelihoods. He said, “We will continue to implement core tasks such as promoting economic cooperation with high-growth potential in Africa, supply chain support, and development cooperation, and swiftly carry out the 5 key areas including key minerals, energy, and infrastructure through the achievements obtained from the visits to the three Central Asian countries.”’,
,
,