Kim Jung-kwan, the Minister of Trade, Industry and Energy, stated on August 4 that securing key minerals requires collaboration with the private sector, noting, "The capabilities of the private sector are superior, so the government's role is to help create a foundation with the other government." He added, "Since capital investment takes a long time, matching with the private sector is necessary."
During a report on the Ministry's work at the Blue House, in response to a question from President Lee Jae-myung regarding key minerals, Minister Kim said, "One of the tasks is to restore the Korea Mine Rehabilitation and Mineral Resources Corporation, as reserves are needed." He reflected on past government mistakes, stating that the corporation and the government should evaluate and invest together.
He also mentioned, "We need to fundamentally change the governance related to minerals, and we will prepare and report on this."
Additionally, Minister Kim expressed his intention to consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). He stated, "We will review this to secure new markets in ASEAN and Mexico and accelerate exports of K-content and consumer goods," emphasizing the importance of gathering opinions from stakeholders, including the agricultural sector and the National Assembly.
The Ministry has set regional goals for its policy objectives in the second half of the year. It plans to address trade environment uncertainties for South Korean companies in the European Union and pursue high-value plant contracts in the Middle East following the recent conflict in the region.
With China, the Ministry aims to conclude follow-up negotiations on the Korea-China Free Trade Agreement (FTA) regarding services and investment, while in India, it plans to establish a dedicated industrial complex for South Korean companies. Cooperation in key minerals will be strengthened with South America, and strategic industrial collaboration in shipbuilding and nuclear power will be advanced with the United States.
Minister Kim remarked, "President Lee's visit to South America can be said to have been for the Ministry's work related to trade, exports, supply chains, and securing minerals," and he pledged to strive for corresponding results.
* This article has been translated by AI.
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