Finance minister calls for preparations amid U.S. election, Middle East turmoil

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Finance minister calls for preparations amid U.S. election, Middle East turmoil

Published: 17 Oct. 2024, 18:53

Finance Minister Choi Sang-mok speaks during a ministerial meeting on external economics in Seoul on Friday. [YONHAP]

Finance Minister Choi Sang-mok on Thursday called for thorough preparations for uncertainties stemming from the upcoming presidential election in the United States.

Choi made the remarks during a ministerial meeting on external economics, also pointing to escalating tension in the Middle East as major outside challenges, according to the Ministry of Economy and Finance.

"The U.S. presidential election is just about 20 days away, and there is a possibility of a wider conflict in the Middle East. We need to closely watch changes in external circumstances," Choi said.

"Thorough preparations are a must for uncertainties regarding U.S. politics and concerns about the violation of technological sovereignty. We will strive to minimize any impacts of those factors on our economy," he added.

During the meeting, officials discussed how to better respond to technology leaks, as calls have grown for tougher punishment and preventive measures against an increasing number of technology leak cases.

"The government will set up a preventive system using big data technologies and help smaller companies deal with such issues. New regulations will be created to strengthen punishment," Choi added.

Also on the table were ways of supporting a Korean consortium to sign a final contract with the Czech Republic for a nuclear power plant construction project.

The consortium led by Korea Hydro & Nuclear Power seeks to finalize a contract to build two nuclear reactors in Dukovany after being selected as the preferred bidder in July.

The government vowed active backing for the two countries to implement dozens of agreements on economic and industrial cooperation signed during President Yoon Suk Yeol's trip to the Eastern European country last month.

Choi also stressed the need for the swift ratification of a free trade agreement (FTA) with the Philippines, which is expected to help beef up supply chains. Korea and the Philippines signed the bilateral FTA last year.

Last week, Yoon and Philippine President Ferdinand Marcos Jr. agreed to forge a strategic partnership to enhance cooperation in security, the economy, energy and other areas.

Yonhap