Finance minister calls for diversification of trade network amid uncertainties

By Kang Yoon-seung

SEOUL, Oct. 12 (Yonhap) -- Finance Minister Lee Hyoung-il on Monday stressed the need to diversify South Korea's trade network to address uncertainties, including economic fragmentation and protectionism.

Lee made the remarks during a meeting on international economic affairs with relevant ministers, highlighting South Korea's continued strong exports despite challenging external conditions.

"The government will closely monitor trade issues with major countries to address trade-related risks and bolster diplomatic outreach to maintain stability," Lee said.

"By diversifying our trade network, we aim to expand the South Korean economy and make every effort to help our businesses enter global markets," he added.

To address prolonged tensions in the Middle East and supply chain disruptions stemming from the U.S.-China conflict, Lee said the government will continue efforts to increase domestic production, build up stockpiles and establish overseas production capacity.

"Through summit-level diplomatic dialogue, we aim to lay the groundwork for economic and supply chain cooperation with major countries and deliver tangible results," Lee said.

The finance minister pledged to address other potential external risks, such as fiscal crises in major countries amid high interest rates and a possible adjustment in investment by the artificial intelligence (AI) industry.