South Korean President Highlights Role of Trade Diplomacy

South Korean President Yoon Suk-yeol said on June 27 that his focus on trade diplomacy during recent overseas trips, along with the deregulation of many regulations, has contributed to attracting large investments to the country.

Speaking at a Cabinet meeting, President Yoon Suk Yeol emphasized: “In order to overcome the global crisis and continue the growth momentum of the economy that depends heavily on external factors, I have actively implemented economic diplomacy and trade diplomacy as a salesman of Korea.”

President Yoon Suk-yeol said that since he took office, the state-funded industrial complex in Saemangeum, a reclaimed area southwest of the coastal city of Gunsan, has attracted 6.6 trillion won ($5.07 billion) in investment from 30 companies, more than four times the amount pledged in the previous nine years. “Such large-scale investments were possible because we created the necessary institutional environment for businesses through trade diplomacy and efforts to improve relations with the United States and Japan, as well as deregulation,” he said.

South Korean President Yoon Suk-yeol speaks in Seoul on May 12, 2023. Photo: Yonhap/VNA

President Yoon Suk Yeol also pledged that the Korean government will continue to provide necessary support to enable businesses to operate freely and dynamically not only in the Saemangeum area but also nationwide.

Also at the meeting, President Yoon Suk Yeol directed Cabinet members to make every effort to stabilize people's lives and revive the economy in the second half of this year amid positive indicators such as slowing inflation and improved trade balance.

Referring to his visit to France last week to promote Busan’s bid to host the 2030 World Expo, President Yoon Suk-yeol said the event would be an opportunity for businesses around the world to join forces to create new businesses and come up with solutions to the multiple crises facing humanity, from the climate crisis and the digital divide to the problems in the Global South. He said that during the trip, six European companies agreed to invest $940 million in Korea’s battery, automobile and other advanced industries.

In addition, President Yoon Suk Yeol also directed ministries and sectors to take further measures to quickly achieve results from 111 memorandums of understanding signed between Korean and Vietnamese enterprises on the sidelines of his recent visit to Vietnam.

According to VNA/Tin Tuc Newspaper

Source link