Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea chaired the “Public-Private Emergency Strategic Meeting on the Real Economy” at the Korea International Trade Association (KITA) today in Seoul with the participation of the Trade, Industry and Energy Ministry (MOTIE)’s vice ministers and trade minister as well as economic groups and representatives of major industry associations for discussions on measures to effectively respond to internal and external uncertainties amid the recent passing of the impeachment motion against the incumbent president and the upcoming change of the U.S. administration.
Minister Ahn highlighted that MOTIE is firmly committed to carrying out trade and industrial policies according to plan to support Korean businesses and respond to uncertainties through public-private joint efforts. He added that a real-time communication system will be established among the Government, relevant associations, and companies to swiftly resolve issues. As for the upcoming inauguration of the new U.S. administration, the minister shared plans to closely communicate with companies with an aim to reinforce mutually beneficial Korea-U.S. relations.
In view of the situation, MOTIE will be closely monitoring the real economy and continue to push its ongoing industrial policies such as nurturing high-tech industries and strengthening the supply chain. Moreover, it will make full preparations against unexpected export setbacks by bolstering trade finance resilience, while maintaining efforts to improve regulations and establish a business support system to encourage both proactive and foreign investments. The ministry also plans to monitor domestic energy prices alongside exchange rates, while thoroughly inspecting the energy supply and related facilities’ operations on a daily basis to prevent disruptions.
Attendees shared the understanding that establishing a real-time government-industry communication channel is crucial, with industry representatives expressing commitment to engaging in close information exchanges with the Government and consulting on response measures in an effort to make various endeavors to overcome current uncertainties.