Seoul: Finance Minister Choi Sang-mok emphasized the need for comprehensive preparations to address uncertainties related to the upcoming U.S. presidential election and escalating tensions in the Middle East.
According to Yonhap News Agency, Choi expressed these concerns at a ministerial meeting focused on external economic challenges. He highlighted the proximity of the U.S. presidential election, which is about 20 days away, and the potential for a broader conflict in the Middle East as primary external challenges that could impact the economy. “Thorough preparations are a must for uncertainties regarding U.S. politics and concerns about the violation of technological sovereignty. We will strive for minimizing any impacts of those factors on our economy,” Choi stated.
The meeting also covered strategies to combat technology leaks, which have been on the rise, prompting calls for stricter punishments and preventive measures. “The government will set up a preventive system using big data technologies and he
lp smaller companies deal with such issues. New regulations will be created to strengthen punishment,” Choi added.
Further discussions at the meeting included support for a South Korean consortium’s efforts to finalize a contract with the Czech Republic for a nuclear power plant construction project. The consortium, led by Korea Hydro and Nuclear Power, was selected as the preferred bidder in July to build two nuclear reactors in Dukovany.
Choi also reiterated the government’s commitment to supporting the implementation of numerous economic and industrial cooperation agreements signed during President Yoon Suk Yeol’s recent visit to the Czech Republic. Additionally, he urged the swift ratification of a free trade agreement with the Philippines, aimed at strengthening supply chains, following an agreement between Yoon and Philippine President Ferdinand Marcos Jr. to enhance bilateral cooperation in security, economy, energy, and other sectors.