Lee Hyungil: "Create a 3 Trillion Won Overseas Construction Fund... Address Trade, Supply Chain and Financial Risks"

The government will review risk factors in trade, supply chains, and the real economy and financial markets, and mount a cross-ministerial response to external uncertainties. It will use 1 trillion won in government funding as seed capital to create a new strategic fund for overseas construction worth a total of 3 trillion won, supporting Korean companies in securing overseas contracts. It will also pursue the development of industrial complexes in India exclusively for Korean companies. The government will accelerate efforts to build a trusted global carbon market by leveraging international organizations and advanced technologies.

Deputy Prime Minister and Minister of Finance and Economy Lee Hyungil chaired the External Economic Ministers' Meeting at the Government Complex Seoul on Oct. 12, where participants discussed these measures to address external economic challenges. This was Lee's first time chairing the meeting since taking office. "The current account posted a surplus of $46.11 billion in August, marking 40 consecutive months in the black, and exports have continued to show resilience," Lee said. "However, external uncertainties surrounding our economy remain high, so we must closely monitor and respond to external risks."

Deputy Prime Minister and Minister of Finance and Economy Lee Hyungil speaks about reviewing external economic risks and response measures at the External Economic Ministers' Meeting held at the Government Complex Seoul in Jongno-gu, Seoul, on Oct. 12, 2026. Photo by Cho Yongjun

The government will also revamp its support system for overseas investment to reflect the shift in overseas infrastructure markets toward high-value-added investment and development projects. It will move away from supporting individual projects and toward country- and region-specific co-investment platforms based on intergovernmental cooperation, strengthening the foundation for Korean companies to participate in overseas projects. At the core of the plan is the creation of a new strategic fund for overseas construction worth a total of 3 trillion won. The government will use 1 trillion won in public funds as seed capital to bring together domestic and foreign capital and secure investment resources. The plan is to link overseas contract wins to equipment supplies by domestic small and medium-sized enterprises and mid-sized companies, as well as their participation in long-term maintenance, thereby helping revitalize regional economies and create jobs in Korea.

The government will also pursue follow-up measures to turn the results of summit diplomacy into actual projects. Since additional memorandums of understanding (MOUs) on economic cooperation were signed with Europe, Mongolia, South America, and Central Asia in June, the government plans to continuously review progress on cooperation initiatives and resolve obstacles to their implementation. In particular, it will pursue the development of industrial complexes in India exclusively for Korean companies, supporting their exports, contract wins, and stable entry into the local market. It also plans to make use of economic cooperation channels with major countries, including the Korea-India Finance Ministers' Meeting scheduled for November.

In trade, the government views the deepening fragmentation of global trade into blocs as a major risk factor. It plans to closely monitor trade issues with major countries and step up consultations with them. The government will diversify its trade networks to improve conditions for Korean companies expanding overseas. In follow-up negotiations on services and investment under the Korea-China Free Trade Agreement (FTA), it aims to achieve tangible results in areas such as culture and finance, broadening the foundation for Korean companies to enter the Chinese market. In supply chains, the government will improve the structure by expanding domestic production and stockpiling of economic security items, building overseas production capacity, and diversifying sources of imports. It will also strengthen economic and supply chain cooperation with major countries through summit diplomacy.

The government will step up its monitoring of potential risks to the real economy and financial markets, including a prolonged period of high global interest rates, fiscal risks in major countries, and the possibility of an adjustment in artificial intelligence (AI) investment. It plans to closely monitor fiscal trends in major countries and international financial markets, assess the impact of changes in external financial conditions on the domestic economy, and continue efforts to stabilize markets.

Building a Global Carbon Market Using International Organizations and Blockchain

The government has also drawn up detailed implementation measures to flesh out its Global High-Integrity Carbon Market (GVCM) roadmap, announced in December 2025. The GVCM aims to boost global trading in carbon credits by establishing a market with greater credibility than existing international carbon markets. It is being developed in cooperation with the United Nations Framework Convention on Climate Change (UNFCCC) and the Global Green Growth Institute (GGGI).

The GVCM will issue carbon credits that can be used in both regulated and voluntary markets and establish a governance framework that developing countries and others can participate in. Blockchain technology will be used to record and issue the credits. The plan is also to incorporate advanced technologies, including satellite and AI-based data collection and analysis, to increase the reliability of reported emissions reductions.

The government plans to support the growth of climate-tech startups by developing methodologies to calculate and verify greenhouse gas reductions achieved through advanced climate technologies. It also expects to attract global carbon-reduction project developers and carbon-credit trading platforms to Korea. The plan is to support sustainable growth in developing countries by sharing technology and know-how in institutional operations through carbon-reduction projects.

"The government will act as a united economic team to respond steadily to external uncertainties and create new growth opportunities," Lee said. "We will ensure that the initiatives discussed today are implemented without disruption so they deliver tangible results on the ground."

This content was produced with the assistance of AI translation services.