Seoul, Nov 17 (IANS) Finance Minister Koo Yun-cheol called for efforts on Monday to create new growth opportunities through technological innovation and supply chain cooperation amid changing global circumstances.
Koo made the call at a conference in Seoul jointly hosted by the Korea Development Institute (KDI) School of Public Policy and Management and the Singapore-based Lee Kuan Yew School of Public Policy, which focused on the challenges and policy responses facing Asia amid deepening Sino-U.S. tensions under the second Donald Trump administration, reports Yonhap news agency.
“Rapid restructuring of global supply chains is presenting new challenges to South Korea and other Asian countries, which have grown on the principles of openness and autonomy,” Koo said.
“Now is the time to create new growth opportunities through technological innovation and supply chain cooperation. Working with major trading partners is more important than ever,” he added.
The South Korean government aims to secure stable supply chains by implementing a series of economic-security measures and maintaining regular dialogue channels with key nations for joint investments and other cooperative responses, particularly in critical minerals, according to the minister.
Meanwhile, South Korea and the United States have signed a memorandum of understanding (MOU) on $350 billion investment pledge made in return for the lowering of U.S. tariffs.
The MOU was electronically signed by South Korean Industry Minister Kim Jung-kwan and U.S. Commerce Secretary Howard Lutnick, according to the Ministry of Trade, Industry and Resources.
On October 29, the two sides reached an agreement on the details of Seoul’s $350 billion investment pledge made in exchange for lower U.S. tariffs.
Under the final terms, the investment will consist of $200 billion in cash installments, with an annual cap set at $20 billion, and an additional $150 billion for bilateral shipbuilding cooperation.
–IANS
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