Korea to collaborate with companies to expand exports in Q4

[Photo by Yonhap]

Amid a visible recovery in exports due to a rebound in the semiconductor industry, the South Korean government is collaborating with companies to expand exports in the fourth quarter of 2023, focusing on mobility, energy, materials, and components.

The Ministry of Trade, Industry and Energy held its first public-private joint meeting to expand exports at the Korea International Trade Association in Seoul on Thursday, chaired by Minister Bang Moon-kyu. The meeting focused discussions on nine major export expansion projects, strategies to support plant orders in the second half of the year, and measures to strengthen the intellectual property protection system for exporters.

The government’s plan is to prioritize nine major export expansion projects, focusing on mobility, energy, materials, and components, with the goal of achieving $31.4 billion in orders and $26.3 billion in exports this year.

For electric vehicles, the government plans to support exports to ASEAN countries via official development assistance (ODA) and expand exports of construction machinery to the Middle East in collaboration with construction companies and construction machinery manufacturers.