Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks while presiding over the "210th Ministerial Meeting on External Economic Affairs" held at the Government Complex Sejong on the 20th.
[Asia Economy Reporters Kwangho Lee and Sehee Jang] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated on the 20th, "We will prioritize the New Northern Policy to open a new horizon for economic cooperation with northern countries."
The Deputy Prime Minister held the 210th Foreign Economic Ministers' Meeting at the Government Complex Sejong on the same day and said, "This year will be the first year to achieve tangible results from the New Northern Policy by strengthening economic cooperation with northern countries."
He added, "President Moon Jae-in also designated this year as the 'Year of New Northern Cooperation' and urged us to actively promote the New Northern Policy to produce substantial outcomes."
To this end, the government plans to expand and reorganize the '9-Bridge Cooperation System,' which refers to cooperation in nine sectors including railroads between Korea and Russia, electricity, shipbuilding, gas, ports, Arctic routes, agriculture and forestry, fisheries, and industrial complexes.
Additionally, the government has set plans to establish mid- to long-term cooperation models with other northern countries such as Central Asia and Mongolia, and to build bilateral and multilateral Free Trade Agreement (FTA) belts.
Deputy Prime Minister Hong also expressed his determination to reverse exports, which have recorded negative growth for 13 consecutive months. He explained, "We will strive to fully conclude the Regional Comprehensive Economic Partnership (RCEP) within this year, and also finalize bilateral FTA negotiations such as Korea-Philippines and Korea-Russia services and investment."
Regarding exports, he emphasized, "We will achieve an export rebound through full support, including supplying 240.5 trillion won in export financing."
The meeting also discussed plans to promote economic cooperation with China. Since a Korea-China summit and economic ministers' meetings are scheduled this year, the government plans to utilize these opportunities. Deputy Prime Minister Hong said, "We will remove obstacles to exchanges and cooperation between the two countries as much as possible and activate cultural and human exchanges," adding, "We will actively create win-win cooperation opportunities in areas of mutual interest such as new service industries and overseas infrastructure."
Furthermore, depending on the progress of denuclearization talks on the Korean Peninsula, the government plans to prepare to fully activate inter-Korean economic cooperation at any time. Deputy Prime Minister Hong stated, "We will leverage our strengths to lead discussions and focus on securing national interests," and added, "We will steadily review and prepare behind the scenes to fully activate inter-Korean economic cooperation depending on the progress of denuclearization talks on the Korean Peninsula."
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