Cooperation projects initiated through economic diplomacy are progressing into overseas factory construction and product supply contracts. The government and business sector have agreed to strengthen follow-up support to ensure that projects currently at the memorandum of understanding (MOU) stage lead to actual exports and contracts.
On November 2, the Ministry of Trade, Industry and Energy held the fourth meeting of the Economic Diplomacy Task Force (TF) at the Korea Chamber of Commerce and Industry in Seoul, chaired by Park Jeong-seong, head of the Trade Negotiation Headquarters. Representatives from five economic organizations, including the Korea Chamber of Commerce and Industry, the Korea Economic Association, the Korea International Trade Association, the Korea Federation of Medium Enterprises, and the Korea Federation of Small and Medium Enterprises, attended the meeting along with KOTRA.
Since its launch in December 2022, the TF has been monitoring the implementation of economic diplomacy on a quarterly basis. This meeting reviewed key achievements and project progress by country, including government cooperation, business contracts and MOUs, and resolving challenges faced by companies expanding overseas.
One notable example discussed was POSCO Future M's groundbreaking for a secondary battery anode material factory in Vietnam. During a visit to Vietnam in April, POSCO Future M secured approval for the construction project worth 357 billion won. Following discussions with the South Korean and Vietnamese industrial ministers, construction began in July, aiming to diversify the anode material supply chain.
The meeting also reviewed shipbuilding cooperation with the United States. HD Hyundai and Samsung Heavy Industries signed an MOU with U.S. counterparts to enhance shipbuilding capabilities during a visit to the U.S. in August 2022. Subsequently, the Ministry of Trade, Industry and Energy signed an MOU with the U.S. Department of Commerce in May 2023 and established a Korea-U.S. shipbuilding cooperation investment council in June, involving domestic shipbuilders. In July, the Korea-U.S. Shipbuilding Cooperation Center was opened in Washington, D.C.
Additionally, the case of Artbox's entry into Kazakhstan was shared. Artbox initially entered the market last year through a shop-in-shop model within another store and opened its first standalone store in June 2023 in collaboration with KOTRA. During a business event coinciding with the Korea-Central Asia summit, Artbox signed a product supply contract worth $3 million with local company Casia Imports.
The Ministry of Trade, Industry and Energy plans to support the implementation of cooperation projects through a dedicated management system for each country and resolve challenges that arise during the process using bilateral channels with relevant government departments. Economic organizations and KOTRA will continue to provide follow-up support through business roundtables and one-on-one export consultations.
Park emphasized, "It is crucial to ensure that the economic cooperation opportunities initiated through economic diplomacy translate into tangible export and contract results for our companies. We will work together with the private sector to manage follow-up actions and resolve business challenges."
* This article has been translated by AI.
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