President Yoon: "Diplomacy Focuses on Economy... Will Personally Oversee Export Strategy"

January 1 Morning New Year's Address "Exports Are the Foundation of the Economy"
"Possibility of Economic Recession This Year... Thoroughly Monitoring"

[Asia Economy Reporter Baek Kyunghwan] President Yoon Suk-yeol stated on the 1st, "I will place the center of all diplomacy on the economy and personally oversee export strategies." President Yoon believes that as protectionism strengthens and security, economy, and technological cooperation operate as a package, future export strategies must differ from those of the past.

In his New Year's address held at the Yongsan Presidential Office briefing room that morning, President Yoon said, "Exports are the foundation of our economy and the source of jobs."

President Yoon Suk-yeol paid respects at the Memorial Tower of the National Seoul National Cemetery in Dongjak-gu, Seoul, on January 1, the first day of the new year. [Image source=Yonhap News]

Assessing the domestic and international economic situation, President Yoon said, "Last year, despite the complex global economic crisis and uncertainties, both at home and abroad, we were able to overcome them through the sweat and determination of our people." He also forecasted that the global economy this year faces a greater possibility of recession than ever before. Accordingly, President Yoon promised, "We will closely monitor the severe economic situation where the impact of the global economic downturn could lead to a slowdown in our real economy," and added, "We will proactively manage the unavoidable interest rate hikes implemented to curb inflation so that they do not expand into excessive debt burdens for our households and businesses."

He chose exports as the breakthrough. President Yoon said, "We must overcome the complex crisis through exports," and "Our export strategy must be different from the past." He further explained, "Countries that share universal values such as freedom, human rights, and the rule of law are forming solidarity through economy and industry, and solidarity based on universal values is the most strategic choice in the current diplomatic reality."

To expand overseas exports, he emphasized overseas construction orders, nuclear power, and defense industries. President Yoon stated, "We will activate a $50 billion overseas order project and nurture infrastructure construction, nuclear power, and defense sectors as new export engines," and added, "We will expand trade finance to a record high of 360 trillion won and mobilize all policy capabilities to extend South Korea’s export territory worldwide."

He continued, "Looking back at world history, when crises and challenges swept through the global economy, countries that discovered new technologies and industries through innovation were able to create quality jobs and achieve sustainable growth," promising, "We will spare no support so that future generations with an ‘entrepreneurial spirit’ can challenge new technologies and industries and see their challenges blossom."