[Scene video+] Trump is back... "There will be a big change in the Korean economy."

[Anchor]
As Donald Trump is elected president of the United States again, strong protectionism is expected to become a reality, which will deal a lot of damage to our export-oriented economy.

Uncertainty is growing in the future of our economy, where exports are barely recovering and domestic demand is likely to recover,
A meeting of government economic ministers and foreign economic ministers presided over by Deputy Prime Minister Choi Sang-mok is being held to discuss countermeasures.

Let's go to the Government Complex Seoul.

[Choi Sang-mok / Deputy Prime Minister for Economy]
Let me begin the meeting of the Ministers of Economic Relations and the Ministerial Meeting of Foreign Economic Affairs. As a result of the U.S. presidential election held on November 5, candidate Trump was virtually confirmed as the 47th president. In addition, the political landscape is expected to change significantly as the Republican Party occupies the Senate majority in the congressional election. As a result, it is expected that there will be a major change in our external economic conditions.

However, since Korea and the U.S. have maintained mutually beneficial economic cooperation for decades under the strong alliance, we will continue to work closely together to ensure that economic cooperation between the two countries is maintained like a solid rock. However, if the policy stance that President-elect Trump has emphasized becomes a reality, the impact on our economy is expected to be significant, so the government will take a preemptive and thorough response with a meeting of economic ministers as the pan-government control tower.

In particular, we will operate separate conferences in each of the three major areas that have a large impact from outside, such as the financial and foreign exchange market, trade, and industry. Through the macroeconomic and financial conference in the financial and foreign exchange market, the global trade strategy conference in the trade sector, and the related ministers' meeting to strengthen industrial competitiveness in the industrial sector, all related organizations will gather together to discuss in-depth.

Tomorrow, we plan to hold a macroeconomic finance conference to check the financial and foreign exchange market trends following the U.S. presidential election and FOMC results. Financial market volatility at home and abroad is increasing during the U.S. presidential election and counting process. As uncertainties are expected to be high due to the formation of a new government parliament and FOMC, the government will keep a close eye on market trends with special tension, while taking appropriate action in accordance with short-term response plans if market volatility expands excessively.

Since the launch of the new U.S. government, we will respond quickly to the possibility of changes in the trade environment through the Global Trade Strategy Conference. For major trade issues, we will prepare a situation-specific response plan and continue active communication by operating a cooperative channel between the two countries.

In the process, we will listen to the voices of the industry to materialize our response strategy and minimize the negative impact on our company. Meanwhile, due to the nature of our economy, which is highly dependent on foreign countries, uncertainties in the domestic industrial environment may increase in the process of concrete pledges. The economic team will make this flow of change an opportunity to strengthen the fundamental competitiveness of our industry. To this end, a meeting of related ministers to strengthen industrial competitiveness will be held in November to discuss countermeasures.

In line with recent changes in the global industry and trade environment, such as accelerating the pursuit of latecomers, intensifying competition for high-tech technologies, and reorganizing global supply chains, the quality leap and high value-added Korean industries are urgently needed. If our companies push for a business model transformation in response to these changes, the government will actively support them by mobilizing all available means. We will expand investment in three major game changer technologies such as AI, quantum, and bio, while also expanding service exports to high-value promising industries.