Hong Nam-ki, Deputy Prime Minister, "Government Direct Support + Regulatory Reform Reflected in Economic Policy Direction for Second Half of the Year"

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Economy and Finance, is delivering opening remarks at the 3rd Emergency Economic Central Countermeasures Headquarters meeting held at the Government Seoul Office in Jongno-gu, Seoul, on the morning of the 14th. Photo by Kim Hyun-min kimhyun81@

[Sejong=Asia Economy Reporter Kim Hyunjung] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced on the 18th that the second half economic policy direction to be announced in early next month will include measures such as regulatory reforms to promote private investment, in addition to direct support in finance, taxation, and monetary policy.

At an expanded executive meeting held at the Government Complex Sejong in the afternoon, Deputy Prime Minister Hong said, "Please speedily finalize the second half economic policy direction, the Korean New Deal, and the third supplementary budget plan by this week as originally scheduled, and coordinate thoroughly to prevent any disagreements between ministries." The expanded executive meeting, chaired by Deputy Prime Minister Hong, was attended by first and second vice ministers, first-level officials, and directors, and was conducted via video conference between Seoul and Sejong.

At the meeting, he requested, "In addition to the government's direct support measures under review in the second half economic policy direction, such as finance, taxation, and monetary policy, please creatively discover and actively consider non-fiscal measures like regulatory reforms that can boost private investment motivation and restore economic sentiment, and reflect them additionally in the second half economic policy direction."

Deputy Prime Minister Hong particularly emphasized the importance of employment measures to the executives. He said, "Although we announced on the 14th a public sector-centered employment shock mitigation plan that provides 1.56 million direct jobs, fundamentally, job creation must be supported by the private sector," and stressed, "Please pay attention so that policy efforts to enable the private sector to create quality jobs are strengthened and that the government’s efforts in this regard are sufficiently communicated."

Furthermore, he added, "From the second quarter, the shock caused by COVID-19 has intensified and is likely to continue for some time, but like K-quarantine, our economy can recover faster than other countries. We need to have confidence in this and deliver a hopeful message to the public that they can overcome difficulties."

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