Minister for Trade Cheong Inkyo on Aug. 23 gives the welcoming speech at an event marking Trade and Security Day at COEX Mall in Seoul's Gangnam-gu District. (Ministry of Trade, Industry and Energy)

By Kim Seon Ah

The Korea Security Agency of Trade and Industry (KOSTI), a think tank under the Ministry of Trade, Industry and Energy, has expanded its scope to economic security.

The ministry on Aug. 23 officially launched the new institute at COEX Mall in Seoul's Gangnam-gu District at an event to mark Trade and Security Day, with some 300 people attending including staff from diplomatic missions in Korea, American and Japanese policy officials, and corporate representatives.

KOSTI's vision is to become "a specialized organization that leads global trade security in the era of economic security."

In addition to managing strategic material exports, the institute will also analyze domestic industry's effects on items expected to be subject to new export controls, support screenings of foreign investment security, investigate and crack down on unauthorized exporters, provide comprehensive trade security consulting, and serve as a think tank specializing in economic security, especially that of Southeast Asia.

"The rebranding of KOSTI has provided an opportunity for our country's trade and technology security systems to take a leap forward," Minister for Trade Cheong Inkyo said. "KOSTI will actively seek to maintain core industrial competitiveness and ensure that our companies can safely operate on the global market through performing security functions across all trade among countries."

sofiakim218@korea.kr