Finance Minister Choi Sang-mok speaks during a meeting of ministers working on external economic issues in Seoul on Thursday. (Yonhap)
Finance Minister Choi Sang-mok called for proactive and preemptive responses Thursday to prevent possible massive changes in external circumstances from affecting South Korean exports so as to maintain economic recovery momentum.
Choi made the remarks during a meeting of ministers working on external economic issues in Seoul, stressing the need to stay vigilant given growing geopolitical tensions and growing supply chain risks.
"A growing number of major countries have put top priority on their own national interests and the global economic bloc divisions have deepened," Choi said.
"Typhoon-force changes in external conditions could take place in the second half, and the government will act proactively and preemptively to prevent such changes from affecting our key economic growth engine of exports," he added.
In an effort to secure growth momentum, the government will push to expand trade networks by strengthening relationship with major nations in the Indo-Pacific region, as well as resources-rich emerging countries.
The ministry will strive for enhancing consultations and cooperation with major partner nations to help South Korean companies have a competitive edge in winning large-scale projects overseas, such as the Neom smart city project of Saudi Arabia.
The focus of the economic policy will also be on the speedy implementation of joint projects on major minerals, energy and infrastructure, among other things, with Central Asian countries, as well as with African nations, Choi said. (Yonhap)
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