Government and Major Exporters to Collaborate to Stabilize Forex Markets

Foreign exchange authorities have decided to work closely with major export companies including Samsung Electronics and SK Hynix for exchange rate stability.

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol held a meeting with domestic export companies at the Government Complex Seoul on Nov. 18 to discuss public-private cooperation measures including foreign exchange supply and demand improvement and support for investments in the United States.

The meeting was attended by officials from major export companies including Samsung Electronics, SK Hynix, Kia, Hyundai Motor, Hanwha Ocean, and POSCO Holdings. From the government side, Koo was joined by Vice Minister Kang Ki-ryong and International Economic Policy Director General Choi Ji-young, among others.

Koo said, “Despite difficult external conditions this year, exports have entered a recovery trend thanks to corporate efforts,” adding, “We will also maintain close communication with companies during the process of promoting investments in the United States following tariff negotiations to ensure investments are made in a direction that benefits both national interests and companies.”

Koo requested cooperation from export companies, which are major foreign exchange supply and demand entities, regarding recent exchange rate instability. He said, “We plan to pursue exchange rate stability by consulting with export companies to improve structural foreign exchange supply and demand,” and requested close cooperation from participating companies in the future.

In response, participating companies also agreed that foreign exchange market stability would help smooth corporate activities and decided to actively participate in future discussions. Attendees agreed, saying, “Export companies are performing well despite difficult external conditions,” and “To maintain the competitiveness of our economy, we must join forces to ensure that a virtuous cycle structure operates where export profits are repatriated and invested domestically, leading to productivity improvements.”

The government plans to significantly expand next year’s export support budget to provide lateral support to companies. Koo said, “To enhance the competitiveness of export companies, we have significantly increased next year’s budget to 4 trillion 300 billion won,” adding, “We will also prepare export diversification measures including expanding the free trade agreement (FTA) network and strengthening Global South cooperation.” He continued, “For free corporate activities, we will also actively pursue regulatory rationalization measures together with relevant ministries.”