60th Trade Promotion Committee chaired by chief trade negotiator Park Jeong-seong

Park Jeong-seong, chief trade negotiator at the Ministry of Trade, Industry and Energy [Yonhap]
Park Jeong-seong, chief trade negotiator at the Ministry of Trade, Industry and Energy [Yonhap]

The South Korean government has begun coordinating ministry-level follow-up measures on investment projects announced for the United States on Oct. 1, while also exploring ways to support Korean companies operating in India and China — the world's two most populous countries. Seoul also plans to establish an industrial complex in India exclusively for Korean firms.

The Ministry of Trade, Industry and Energy said Chief Trade Negotiator Park Jeong-seong chaired the 60th Trade Promotion Committee meeting Thursday at the Korea Productivity Center in Jongno-gu, Seoul, where participants discussed major trade issues and response plans.

Director-general-level officials from the Ministry of Economy and Finance, the Ministry of Foreign Affairs, the Office for Government Policy Coordination, the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Land, Infrastructure and Transport, and the Ministry of Science and ICT attended the meeting to discuss ministry-specific follow-up measures and coordination on the US investment projects.

South Korea and the United States confirmed a gas-fired combined-cycle power plant project in Texas as the first official US investment project on Oct. 1. Follow-up projects under discussion include the construction of eight large nuclear power plants in the United States and the Alaska LNG project.

The meeting also reached a consensus on producing tangible results from ongoing service and investment follow-up negotiations under the Korea-China free trade agreement, with the aim of improving conditions for Korean companies entering the Chinese market.

On India, participants shared plans to establish an industrial complex dedicated to Korean companies and reviewed cross-ministry support measures that reflect the on-the-ground needs and challenges faced by Korean firms already operating there.

"As uncertainty in the global trade environment grows, strategic market-by-market responses are critical," Park said. "I ask related ministries to work closely together so that our efforts to broaden trade and investment cooperation with key partners such as the United States, China and India — and to expand the overseas foothold of our companies — translate into real results."


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