President Emphasizes Achievements of Overseas Trips

Improving relations between heads of state greatly contributes to our companies' economic activities. Active efforts in the initial stage of the trip and practical support must accompany it to expand achievements.

Practical support should be reinforced from the initial stages of the trip to back our companies' economic activities.

Some people misunderstand overseas trips as travel or leisure. Actual trip schedules are very tight and aim to generate tangible national interest.

Lack of advance preparation or schedule management can lead to misunderstandings. Therefore, it is necessary to strengthen publicity to properly inform the public about the trip's achievements.

The plan is to enhance public relations by collecting cases of resolving country-specific economic issues, such as EU steel.

There are cases where country-specific economic issues, such as the EU steel problem, were dramatically resolved, and instructions were given to gather these success stories and strengthen media promotion.

The Ministry of Economy and Finance is specially managing 163 economic MOUs, of which 54 are related to Central Asia.

Through two inspections in June and October, the aim is to resolve difficulties for Korean companies, support orders and exports, and secure growth engines.

The Minister of Economy and Finance reported that the international oil price continues to fluctuate between $90 and $100 due to uncertainty in the Middle East situation.

Due to inflation concerns from rising oil prices, major countries' shift to monetary tightening, and fiscal concerns, global interest rates are rising, and domestic bond rates continue to climb with the increase in the domestic benchmark interest rate.

Price stabilization policies, such as fuel tax cuts and supply-demand adjustments for agricultural and fisheries products, are being pursued, and the energy supply-demand system is also in operation.

Suezmax-class large oil tankers are restricted from passing through the canal, requiring offloading at Ain Sukhna or bypassing via pipelines, incurring additional costs.

Thanks to the Ministry of Trade, Industry and Energy's crude oil supply diversification policy, supply stability is maintained even if a specific strait is blocked.

Oil tankers passing through the Bab-el-Mandeb Strait in the Red Sea are advised to refrain from sailing to avoid risks, and a Suez Canal bypass measure was proactively implemented from early August.

Domestic crude oil supply and demand are expected to be smooth and without significant burden from October to November.

It was explained that a system is in operation where the difference is compensated by the national treasury, and domestic oil prices are maintained at a level 30-50% lower compared to other countries.