Ministry of Trade, Industry and Energy: "Focusing All Policy Efforts on Livelihood and Economic Stability"

Expanded Executive Meeting with Department Heads and Above on the 16th

Andeokgeun, Minister of Trade, Industry and Energy, held an expanded executive meeting on the 16th at the Government Sejong Complex, attended by the 1st and 2nd Vice Ministers of the Ministry of Trade, Industry and Energy, headquarters chiefs, heads of various departments, and the Commissioner of the Korean Intellectual Property Office. This was the second expanded executive meeting following last week.

This meeting, following last week’s session, re-examined the real economy trends amid the domestic political situation including the declaration of martial law and the passage of the impeachment motion, and discussed key tasks that need to be swiftly implemented to stabilize people’s livelihoods and the economy.

The Ministry of Trade, Industry and Energy currently reports that the real economy, including exports, foreign investment, and energy supply and demand, has been only minimally affected. However, the ministry is maintaining vigilance by continuously monitoring unusual trends in sectors such as exports and production. In particular, due to high concerns over domestic demand stagnation caused by weakened consumer sentiment, the ministry has instructed to thoroughly prepare the 2025 budget execution plan and to implement it promptly from the beginning of the year. Additionally, plans to strengthen the role of public institutions in revitalizing domestic demand are being explored, while closely monitoring the distribution sector as well. Especially, measures to support exports such as trade insurance in preparation for emergency situations, stable power supply management for the winter season, and securing reserves of oil and gas will also be pursued.

Along with this, policy efforts will be concentrated to reduce external uncertainties and enable companies to focus on economic activities with confidence. In response to the inauguration of the new U.S. administration, the ministry plans to closely collaborate with related ministries and continue outreach efforts to the U.S.

Last week, the Ministry of Trade, Industry and Energy successfully conducted meetings including a meeting with the Governor of Oklahoma, USA, and high-level trade talks between Korea-China and Korea-Japan trade authorities. It also plans to proceed with scheduled trade affairs such as the Korea-European Union (EU) Digital Trade Agreement negotiations and the Korea-Thailand Economic Partnership Agreement negotiations.

Minister An said, "It is important to maintain stable governance so that economic agents do not become anxious," and urged, "Public officials should keep their focus and concentrate more on their duties to stabilize people’s livelihoods and the economy."