The South Korean government is set to enhance its economic strategies through increased public-private cooperation, as announced by Deputy Prime Minister Choi Sang-mok during an emergency economic ministerial meeting on December 15, 2024. This initiative comes in response to ongoing trade uncertainties and aims to strengthen the fundamentals of various industries while stabilizing public livelihood. The upcoming Economic Policy Direction (EPD) for next year will focus on enhancing external credibility and addressing these economic challenges head-on.
To facilitate foreign investment, the government plans to hold an investor relations event aimed at improving the investment climate in South Korea. Additionally, regular external relations ministerial meetings will be established to foster better communication and collaboration between the government and private sectors. The ministerial meeting on industrial competitiveness is also set to be expanded into a public-private joint meeting, emphasizing the importance of collaboration in driving economic growth [7ec8ae84].
Budget allocations will be finalized promptly to ensure immediate execution of these strategies, while important industry bills will be prioritized in the National Assembly to support these initiatives. Choi highlighted the necessity of building public and corporate trust to effectively navigate the current economic landscape and overcome challenges [7ec8ae84].
In parallel, Vietnamese Prime Minister Pham Minh Chinh has been promoting cooperation with South Korea during his official visit, which aims to enhance collaboration across various sectors including technology and investment. This visit is significant as it marks the first by a senior Vietnamese leader since the two countries upgraded their bilateral relationship to a comprehensive strategic partnership in 2022. PM Chinh has expressed a strong desire to attract Korean investment in the semiconductor industry, reflecting a mutual interest in technological advancement and economic cooperation between the two nations.
Moreover, Chinh hosted David Petraeus from KKR, highlighting the substantial US investments in Vietnam, which have exceeded US$2 billion. This meeting underscored Vietnam's commitment to a self-reliant economy and its openness to foreign investments, particularly from the US, which is Vietnam's largest export market [54c8d47c].
As both South Korea and Vietnam seek to bolster their economic strategies through cooperation and investment, the emphasis on public-private partnerships and foreign relations will play a crucial role in shaping their economic landscapes moving forward.