President Yoon "IPEF is for regional co-prosperity… building a reciprocal supply chain"

President Yoon Seok-yeol attended the Indo-Pacific Economic Framework (IPEF) inauguration summit held on the afternoon of the 23rd.

President Yoon, who attended the meeting via video, said in a speech, "The launch of the IPEF is a meaningful first step in demonstrating the will of solidarity and cooperation between countries in the region in a rapidly changing economic environment."

He continued, referring to the COVID-19 pandemic, supply chain restructuring, climate change, and the food and energy crisis, emphasizing that "in difficult circumstances, the launch of the IPEF for the common prosperity of countries in the region is very meaningful."

"Korea has achieved rapid growth and development based on liberal democracy and a market economy system," President Yoon said.

Regarding the supply chain, he said, "In order to effectively respond to the global supply chain crisis, an international cooperation system is very important." He explained, "Korea, which possesses core competencies in high-tech industries such as semiconductors, batteries, and future vehicles, will build a supply chain that is mutually beneficial with its domestic counterparts." I did.

"Korea will lead new technological innovations such as AI (artificial intelligence), data, and 6G, and contribute to building digital infrastructure and bridging the digital divide," he said.

In the field of clean energy and decarbonization, he also revealed a policy of active cooperation and emphasized that "Based on high technology in clean energy fields such as nuclear power, hydrogen, and renewable energy, we will build a carbon reduction infrastructure and contribute to strengthening technological capabilities through bold investments." I did.

President Yoon said, "I expect the IPEF to be promoted under the principles of openness, inclusion and transparency. Let's join forces to usher in an era of common prosperity in the Indo-Pacific region. Korea will also fulfill its responsibilities based on solid solidarity." .

IPEF is a US-led partnership to jointly respond to new economic and trade agendas, such as digital, supply chain, and clean energy.

The United States held a summit in Tokyo with the participation of 13 countries, including South Korea, the United States, and Japan, following President Biden's visit to Japan.