1. The Ministry of Foreign Affairs held a plenary meeting and group discussions under the theme “diplomacy for supporting the restoration of economic vitality” on March 15, the second day of the 2016 meeting of the chiefs of the Republic of Korea’s overseas diplomatic missions.

o In the plenary meeting, Minister of Trade, Industry and Energy Joo Hyung-hwan explained the roles of overseas diplomatic missions for revitalizing exports. His speech was followed by in-depth discussions on ways to pursue economic diplomacy in order to restore economic vitality, including export promotion.

o In group discussions on five topics, held after the plenary meeting, participants discussed ways to carry out tasks of economic diplomacy in major areas, including supporting Korean companies’ activities overseas; promoting cooperation in defense industry; supporting Korean companies seeking to participate in construction projects overseas, as well as Koreans looking for jobs abroad; supporting entry into overseas markets by Korean companies in the nuclear energy industry; and supporting the implementation of the new climate regime.

- The group discussions were also attended by representatives from business circles, including the Korea Federation of SMEs, the International Contractors Association of Korea, and the Korea Electric Power Corporation, as well as officials from relevant agencies, including the Defense Acquisition Program Administration and the Ministry of Employment and Labor.

2. In the plenary meeting, Minister of Trade, Industry and Energy Joo Hyung-hwan said that while domestic demand is showing a declining trend due to the recent reduction in production and investment and falling consumer sentiment, the ROK’s export has been weakening since last year because of weak global demand, low oil prices, and the rise of latecomers, including China. Minister Joo stressed that it is necessary to mobilize all policy capacity to revitalize export, which is the pillar of the Korean economy.

o The chiefs of overseas diplomatic missions talked about their experiences of economic diplomacy and limits facing them amid difficult external conditions, including the Chinese economic slowdown, the US interest rate increase and other global financial risks, negative interest rates in Japan and Europe, and low oil prices. They also held in-depth discussions on ways to adjust financial and pension policies to promote Korean companies’ participation in projects overseas and exports, as well as on ways to find new markets in China and promote participation in overseas infrastructure markets.

3. The participating mission chiefs shared the view that the role of overseas diplomatic missions in restoring economic vitality is all the more important amid increasing uncertainty in the global economy and difficult external conditions. They pledged to pursue economic diplomacy more actively to revitalize exports, support Korean companies’ participation in construction projects overseas, address import restrictions, solve difficulties facing Korean companies, and support Korean youth seeking jobs overseas.


* unofficial translation