'Inter-Ministerial Export Status Review Meeting'
"Request for Early Execution of 900 Billion Won"
Active Support Plan for Entry into Japanese Market
The government will present measures to strengthen export competitiveness by industry within this month to transition to a 'Export Plus' strategy. Plans to enhance competitiveness and expand exports will be prepared for each sector, including expanded financial support for the shipbuilding industry, design, overseas certification acquisition, digital industry, medical devices, green industry, and seafood products.
On the 3rd, the Ministry of Trade, Industry and Energy announced this at the 'Pan-Government Export Situation Review Meeting' held at the Government Seoul Office with related export ministries. The Pan-Government Export Situation Review Meeting is held monthly under the chairmanship of the Minister of Trade, Industry and Energy to respond to the decline in exports and trade deficits and to check the implementation performance of each ministry.
The government plans to identify promising detailed export items expected to expand or have high growth potential this year and discuss them at the next meeting. It will also accelerate efforts to continuously discover collaborative tasks among related ministries to resolve difficulties faced by export companies. Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy requested, "Please make efforts to execute more than 60% of the export support budget (about 1.5 trillion won) early in the first half of the year."
Expanding Access to Middle Eastern Markets such as UAE and Saudi Arabia
According to the Ministry of Trade, Industry and Energy, the Korean government dispatched the first shuttle economic cooperation delegation to the UAE in March, signing one contract worth over 2 billion dollars and five memorandums of understanding (MOUs). It also signed a smart farm export MOU worth 30 million dollars with Saudi Arabia. Ministries that have supported export expansion without being responsible for specific industries, such as the Public Procurement Service (supporting entry into overseas procurement markets worth 1.58 million dollars) and the Korea Customs Service (simplifying cargo management procedures for advanced products such as semiconductors), are also contributing to export expansion. A basic agreement was signed between Korea and Poland for the K-2 and K-9 consortium, creating conditions to promote the second implementation contract for Polish defense exports.
Additionally, the government identified and resolved on-site difficulties faced by export companies through export field support teams, export field meetings, and one-stop export and order support teams. Up to last month, 389 on-site difficulties were identified, of which 74% (289 cases) were immediately resolved.
Increasing Inter-Ministerial Collaboration and Preparing Support Measures for Exports to Japan
At this meeting, the government reviewed the progress of collaborative tasks among ministries and discussed future plans. They plan to promote △ support for automobile export logistics (Ministry of Trade, Industry and Energy and Ministry of Oceans and Fisheries) △ joint ministries’ performance-oriented overseas exhibitions (Ministry of Trade, Industry and Energy, Ministry of Culture, Sports and Tourism, Ministry of Agriculture, Food and Rural Affairs, Ministry of Oceans and Fisheries, Ministry of SMEs and Startups) △ establishment of a comprehensive support system for overseas certification acquisition (Ministry of Trade, Industry and Energy, Ministry of Science and ICT, Ministry of Health and Welfare, Ministry of SMEs and Startups, etc.) △ construction of cold chain logistics infrastructure for fresh food transportation (Ministry of Agriculture, Food and Rural Affairs, Ministry of Oceans and Fisheries, Ministry of Trade, Industry and Energy, Ministry of SMEs and Startups, etc.).
They also discussed ways to link the economic cooperation atmosphere created after the Korea-Japan summit held on the 16th of last month to the revitalization of trade between the two countries. The participating ministries prepared support measures focusing on three major sectors with high cooperation potential and export growth rates between the two countries: advanced industries, consumer goods, and digital and green transition.
In the advanced industry sector, marketing support and expanded exchanges between companies of both countries will be provided so that Korean companies can participate in Japan’s advanced industrial supply chains such as semiconductors and electric vehicles. Furthermore, leveraging the resurgence of the Korean Wave in Japan, efforts will be made to expand market channels and trade finance support for agricultural and marine products, fashion, and content. Support will also be provided for matching local demand companies with domestic companies in connection with Japan’s digital and green transition policies.
Minister Lee said, "Under the global high-interest rate trend, the effect of China’s reopening (resumption of economic activities) is slow to appear, and uncertainties in the international financial market remain, so export conditions are still difficult. Please accelerate efforts such as faster budget execution and close support for on-site difficulties."
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