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Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, delivers opening remarks at a meeting with major export companies held at the Government Complex Seoul on November 18. (Photo: Ministry of Economy and Finance) |
[Alpha Biz= Paul Lee] SEOUL, November 18 — Deputy Prime Minister and Finance Minister Koo Yun-cheol met with executives from major exporters—including Samsung Electronics, SK Hynix, Hyundai Motor, Kia, Hanwha Ocean, and POSCO Holdings—and asked for their cooperation in the government’s efforts to stabilize the won-dollar exchange rate.
Chairing a meeting at the Government Complex Seoul, Koo urged exporters—key suppliers of foreign currency—to help ease volatility by converting their earnings earlier and in larger amounts than usual. Exporters typically convert foreign currency at month-end, a pattern that often strengthens the won.
Koo reiterated earlier warnings that prolonged weakness in the Korean won may require the government to mobilize all available tools. He previously stated that authorities would explore a mix of policy measures to ensure FX market stability.
Companies at the meeting agreed that a stable foreign exchange environment benefits business operations. They also shared the view that reinvesting export profits domestically can enhance productivity and strengthen Korea’s competitiveness. The firms pledged to actively participate in upcoming government discussions on FX stabilization.
Koo also noted that next year’s export support budget has been set at KRW 4.3 trillion, an increase of KRW 2.7 trillion from this year. He added that the government will work to expand its FTA network, diversify export markets, and push regulatory reforms to support freer business activity.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
