▲ Foreign Minister Cho Tae-yul delivers a speech during an annual forum on economic security, jointly hosted by the foreign ministry and the Korean Association of International Studies, in Seoul on May 20, 2024. (Yonhap)

FM-economic security

FM Cho stresses 'integrated strategy' to address economic security challenges

By Kim Seung-yeon

SEOUL, May 20 (Yonhap) -- Crafting an "integrated strategy" to deal with various economic security issues, such as supply chains and semiconductors, is a priority for South Korea that calls for efforts from not only the public and private sectors, but also political circles, Seoul's top diplomat said Monday.

Foreign Minister Cho Tae-yul made the remarks at a forum, saying that many of the economic issues South Korea faces today under the current geopolitical landscape cannot be dealt with unless a "security perspective" is also taken into account.

"Political and security considerations, in addition to economic efficiency, have become key factors that greatly influence business activities," Cho said during a forum co-hosted by the foreign ministry and the Korean Association of International Studies.

"This trend is expected to be even more pronounced this year, considered a 'super elections year' with over 70 countries expected to hold elections," Cho said.

"It is our priority to overhaul the system to draw up a big picture of an integrated economic security policy, with the presidential office being the control tower, since we see more economic issues that need to be addressed from a security point of view," he said.

Cho called for efforts from both the public and private sectors, as well as from the political circles, to put their heads together to draw up comprehensive policies to enhance South Korea's technological advancements.

"We need comprehensive legislation to further strengthen our innovation capabilities in areas like semiconductors in which we have the technological upper hand and help enhance our technological ability in weaker areas," he said.

Ensuring policy transparency and raising policy predictability will also help boost South Korea's negotiating power over key diplomatic issues, Cho added.

"This approach will not only boost our strategic autonomy but also strengthen our negotiation leverage in diplomatic conflicts by clearly showing our policy capabilities and determination to implement them," he said.

(END)

[ⓒ K-VIBE. 무단전재-재배포 금지]