Koo Yun-cheol Vows All-out Government Support for Winning Overseas Plant Orders

[Financial News] Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol said on the 26th, "We will make full use of strategic economic cooperation with the Middle East, Asia, and the Americas to provide all-out support for winning mega-scale overseas plant projects." The plant industry has set a target of securing 22 projects worth a total of 41.2 billion dollars this year.
Presiding over the 262nd Ministerial Meeting on External Economic Affairs at Government Complex Seoul, Koo stated, "We will establish a pan-government task force to support overseas orders, bringing together the government, companies, and related associations and support agencies, and we will expand financial support."
At the meeting, relevant ministries reviewed the economic outcomes of the South Korea-China summit and the Korea-Japan Summit and discussed directions for follow-up measures. They also addressed plans to promote South Korea-China cultural cooperation in connection with these summits, trends in international discussions on critical minerals and future response strategies, support measures for overseas plant orders through 2026, and the status and plans for negotiating a Comprehensive Economic Partnership Agreement (CEPA) with Egypt.
Koo noted, "Uncertainty in the international economic environment continues due to the expansion of tariff and other trade measures, instability in global supply chains, and persistent volatility in raw material prices," adding, "In response to these external developments, we will strengthen strategic economic cooperation."
Regarding the South Korea-China summit, which was realized on the occasion of the first state visit to China in nine years, the meeting focused on ways to advance cultural cooperation between the two countries. The Ministry of Culture, Sports and Tourism (MCST) announced that it plans to systematically expand exchanges and cooperation across the cultural sector, including K-content, culture and the arts, sports, and tourism.
On the Korea-Japan Summit, the government cited as key achievements: the launch of discussions on comprehensive cooperation in the economic field; accelerating tangible outcomes from consultative bodies on shared social issues; an agreement to deepen cooperation on artificial intelligence (AI) and Intellectual Property protection; a proposal to expand mutual recognition of technical qualifications; and the delivery of South Korea's basic position on joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The meeting also discussed response strategies related to critical mineral supply chains. Koo stressed, "The issue of critical minerals is a whole-of-government task in which fiscal, trade, industrial, and diplomatic policies must operate in tandem," and urged, "Relevant ministries should work together organically with a strong sense of responsibility."
The government also plans to strengthen inter-ministerial cooperation to conclude a Comprehensive Economic Partnership Agreement (CEPA) with Egypt, the largest economy in North Africa with a population of more than 100 million.
skjung@fnnews.com Jung Sang-geun Reporter