Finance minister calls for diversification of trade network amid uncertainties

Southeast Asia, October 12 (Yonhap) -- Finance Minister Lee Hyoung-il emphasized the importance of diversifying South Korea's trade network to counter uncertainties, such as economic fragmentation and rising protectionism, during a discussion on international economic matters with key ministers. Despite facing external challenges, South Korea continues to experience robust exports.

Lee assured close monitoring of trade relations with major nations to tackle trade risks and enhance diplomatic efforts to maintain stability. By expanding the country's trade network, the Finance Minister aims to bolster the Korean economy and facilitate business entry into global markets. To tackle prolonged tensions in the Middle East and supply chain interruptions resulting from the U.S.-China conflict, Lee pledged to invest in domestic production, augment stockpiles, and establish overseas production capabilities.

Through high-level diplomatic talks, the government aims to establish a foundation for economic and supply chain cooperation with leading countries, delivering concrete outcomes. The Finance Minister committed to addressing other potential external hazards, including fiscal crises in key nations due to high interest rates and possible adjustments in investment by the artificial intelligence sector.