Industry Minister nominee Ahn Duk-geun said Wednesday he will focus efforts on addressing external risks, including supply chain disruptions and protectionism, to keep exports on the recovery track. The remark came after the country's monthly exports advanced 5.1 percent on-year to US$57.6 billion in December, rising for the third consecutive month. For all of 2023, outbound shipments slipped 7.4 percent on-year amid weak chip exports. "The external environment for the industry and exports remains challenging due to the slowdown in major economies and the spread of protectionism amid the escalating geopolitical crisis, including U.S.-China tensions and the Israel-Hamas war," Ahn told lawmakers during a confirmation hearing. "I will proactively address trade policies from major countries, including the United States, China and the European Union, while finding new export destinations through utilizing the country's vast trade network," he added. The nominee added it is notable that the South Korean econom y has been showing signs of a recovery, with the country maintaining a trade surplus for six consecutive months. To maintain the recovery, Ahn said the industry ministry will revamp regulations while offering various incentives to businesses. "Based on South Korea's strength in the value chain in the manufacturing sector, as well as its competitive advantage in the cutting-edge industries, including semiconductor and battery, we will make the country a global investment hub for international businesses," he said. Ahn noted that South Korea will also utilize the U.S.-led Indo-Pacific Economic Framework (IPEF) to keep close coordination with major partners for the stable supply of raw materials and minerals. The IPEF involves a total of 14 member nations, including South Korea, the U.S., Australia, India, Indonesia, Japan, Singapore, Thailand and Vietnam. "The ministry will operate a system that can promptly respond to risks in the supply chain, and speed up efforts to domestically produce and diversify im port sources for key material, parts and equipment," Ahn said. Touching on the carbon neutrality policy, Ahn said the industry ministry will join forces with key partners to promote the use of renewable, hydrogen and nuclear energy. Source: Yonhap News Agency
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