During the Ministerial Meeting on External Economic Cooperation held at the Government Seoul Complex, Koo emphasized the importance of the Middle East as a significant economic partner, noting that it has been a crucial area in South Korea's overseas construction history. He highlighted the region's role in stabilizing energy supply chains.
Of the total $10.5 billion in overseas construction contracts, approximately 49%—or $5.132 billion—comes from the Middle East. According to the Overseas Construction Association, the number of overseas contracts secured by South Korean construction firms from January to May this year rose by 9% compared to the same period last year, totaling 249 contracts.
The government anticipates that major Middle Eastern nations will take this opportunity to improve their economic structures and pursue infrastructure enhancements. Koo expressed confidence that South Korean companies could foster win-win cooperation through their advanced technologies. Plans include strengthening public-private partnerships, enhancing financial support, and promoting government-to-government (G2G) cooperation.
Specifically, the government will provide $6 billion in financial support tailored to key contractors in the Middle East and establish a new "Middle East Infrastructure Strategic Fund."
Koo stated, "We will identify local demands and key projects through our overseas diplomatic missions and enhance public-private cooperation, including integrated marketing targeting Middle Eastern contractors. We will also strengthen G2G cooperation through proactive dispatches of senior government officials for diplomatic support."
The meeting also reviewed the implementation of economic outcomes from recent summit meetings. Koo noted that since the establishment of the people's sovereignty government, 84 memorandums of understanding (MOUs) have been signed in areas such as science and technology, economy, and finance with major countries over the past year.
He remarked, "In the first quarter, nominal GDP increased by 17.1% compared to the same period last year, indicating improvements in both growth and income. We will actively utilize summit diplomacy and economic cooperation to expand the overseas presence of domestic companies."
In the agriculture and fisheries sector, the signing of MOUs related to imports, exports, and quarantine has led to an expansion of export items. Following an MOU on inspections and sanitary conditions for wild seafood with China, new export items such as chilled mackerel have been included. Additionally, an MOU on scientific and technological cooperation was signed with Vietnam last August, and a master plan for scientific and technological innovation cooperation was established in April.
Koo concluded, "We will actively share and promote successful cases through quarterly reviews of the economic outcomes of summit diplomacy and seek solutions to challenges through communication among relevant ministries."
* This article has been translated by AI.
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