On August 27, Deputy Prime Minister and Minister of Finance and Economy Koo Yun Cheol presided over the 273rd Ministerial Meeting on International Economic Affairs at the Government Complex-Seoul and discussed four agenda items: “Future Policy Direction for Korea’s Accession to the CPTPP,” “Measures to Expand Strategic Economic Cooperation between Korea and Central Asia,” “Plans and Expected Outcomes for the 8th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference,” and “Overseas Construction Performance and Future Support Measures.”
Deputy Prime Minister Koo noted that the government has created a stronger foundation for Korean companies to enter overseas markets through bilateral trade and economic cooperation with major partners, including the U.S. and the Middle East. He emphasized that, going forward, the government will extend these efforts to regional and multilateral trade and economic cooperation, building a broader and more closely connected global economic network for Korea.
To this end, the government plans to ①expand its multilateral trade network, ➁strengthen the foundation for economic cooperation with promising regions, including Central Asia and Africa, and ③support efforts to translate such cooperation into tangible outcomes for Korean companies in exports and overseas project orders.
In this context, the government will begin gathering public input and engaging in broader public discussions on Korea’s accession to the CPTPP as part of its efforts to strengthen solidarity among like-minded middle powers, stabilize critical supply chains and expand export markets.
The government will carefully assess whether CPTPP accession would serve the national interest and bring tangible benefits to people’s livelihoods before deciding whether to move forward with accession, while continuing to communicate with the public in a sincere manner. Given the CPTPP’s high level of market openness, the government will also objectively analyze the economic effects of accession and its impact on individual industries and explain the findings to the public. In particular, it will closely examine the concerns and potential impact on the agriculture and fisheries sectors and seek extensive input from relevant stakeholders. Should the government decide to pursue accession, it plans to proactively put in place effective domestic support measures.
Economic cooperation with new growth partners will also be broadened. On the occasion of the Korea-Central Asia Summit, which will be held in Korea for the first time this September, the government plans to strengthen mutually beneficial and strategic economic cooperation with Central Asia, which is rich in natural resources and strategically located at the heart of Eurasia.
In particular, the government will pursue concrete cooperation projects focusing on three key areas of shared interest: ① critical minerals and energy supply chains; ② future-oriented cooperation in areas such as AI and biotechnology; and ③ strengthening the foundation for mutually beneficial cooperation, including transportation, logistics and human capital development. By combining Central Asia’s resources and potential with Korea’s technology, financing capabilities and policy experience, the government aims to generate concrete results, including the establishment of stable supply chains and increased exports and overseas project orders for Korean companies.
The government will also take economic cooperation with Africa to the next level. The Ministry of Finance and Economy will jointly host the 8th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference with the African Development Bank (AfDB)* and the Export-Import Bank of Korea from September 8 to 11.
* Established in 1964 to promote economic and social development in Africa; headquartered in Côte d’Ivoire; Korea joined in 1982.
This year marks the 20th anniversary of KOAFEC, and the Ministerial Conference will provide an opportunity to present a new vision and action plan for future Korea-Africa economic cooperation, with a focus on AI and digital transformation. The government also plans to enhance the foundations for growth in African countries through various development cooperation initiatives and increase opportunities for Korean companies to enter African markets.
Support for Korean companies in securing overseas projects will also be bolstered to help them expand their presence in global markets. As their overseas business activities shift from traditional infrastructure markets centered on civil engineering and construction toward high-value-added emerging industries, including green and smart infrastructure and nuclear power, Korea’s policy financing and diplomatic capabilities will be mobilized to help them seize new opportunities.
Although conditions for securing overseas projects are more challenging this year than last year due in part to delays in project procurement in the Middle East, the government plans to provide targeted support for key projects for which contracts are expected to be signed this year and strengthen support throughout the entire project cycle, from project identification and financing to post-award stages.
Going forward, the government will continue to devote its policy resources to extending Korea’s economic reach, enabling Korean businesses and citizens to tap into new opportunities across the globe.
Please refer to the attached files.
