SEOUL, February 25 (AJP) - South Korea is aiming to boost exports by diversifying markets, extending its growth streak into a second consecutive year.
At a meeting in Seoul on Wednesday, Minister of Trade, Industry and Energy Kim Jeong-gwan unveiled plans to reach an export target of $740 billion this year. The goal follows last year's record $709.7 billion, which was driven by a historic surge in semiconductor exports.
Citing growing uncertainty in the global trade environment following a U.S. Supreme Court ruling that found the International Emergency Economic Powers Act (IEEPA) unlawful, the ministry said it will respond by aggressively diversifying exports as it aims to become one of the world's five largest exporting countries.
The ministry aims to nurture eight key export sectors such as consumer goods, power equipment, bio health, defense, nuclear power, automobiles, ships, and steel by hosting expos and other activities.
The ministry will also expand cooperation among relevant agencies to secure Canada's submarine project, while pursuing new orders for nuclear power plants.
Among a range of measures, a record 275 trillion won will be allocated to help exporters secure liquidity and to support roughly 500 firms with overseas shipments exceeding $10 million, along with additional support for those in strategic and advanced industries including artificial intelligence (AI)-related technologies.
Kim said, "Amid unprecedented global uncertainty, we will turn this crisis into an opportunity through a proactive strategy to diversify our export markets."
Copyright ⓒ Aju Press All rights reserved.
