Government: Creating an Environment for Private Job Creation in Profitable New Industries like System Semiconductors (Update)

Remarks by Senior Economic Officials Attending the Ministerial Meeting (Noksil Meeting) on the 14th

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, held a meeting of related ministers (Nokshil Meeting) at the Government Seoul Office in Gwanghwamun, Seoul on the 14th to discuss the employment trend results for March. (Image source=Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] The government announced on the 14th that the improvement in employment indicators last month was "thanks to the improvement in the private job market" and that it would "focus policy capabilities to expand the recent recovery mainly in private jobs."

On the morning of the same day, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, held a 'Ministerial Meeting (Green Room Meeting)' at the Government Complex Seoul in Gwanghwamun, Seoul, and made these remarks. The meeting was attended by Lee Jae-gap, Minister of Employment and Labor; Ryu Geun-gwan, Commissioner of Statistics Korea; Lim Seo-jung, Senior Secretary for Jobs at the Blue House; Ahn Il-hwan, Senior Secretary for Economic Affairs at the Blue House; and Moon Seung-wook, 2nd Deputy Director of the Office for Government Policy Coordination.

According to the 'March Employment Trends' announced by Statistics Korea on the same day, the number of employed persons was 26,923,000, an increase of 314,000 compared to March of the previous year. This marks a turnaround to an increase after 13 months. While many analyses attribute this to the base effect following the impact of COVID-19 last year, senior economic officials offered a positive interpretation that achievements have also appeared in the private job sector.

According to the Ministry of Economy and Finance, the meeting participants cited the following characteristics of last month's employment trends: ▲ improvement in private job market ▲ rise in youth employment rate ▲ increase in service industry employment ▲ increase in both regular and temporary/daily workers. This means that not only public jobs created through taxes but also employment indicators in the private sector have improved, and employment among vulnerable groups such as youth and the service industry, which was hit hard by COVID-19, has increased, making it meaningful.

The government stated, "Since the quarantine situation, the biggest risk factor in the employment market, remains severe, we will focus policy capabilities to ensure that the recent recovery continues and expands mainly in private jobs."

In other words, the government aims to create quality jobs in 'profitable' future industries. To this end, it mentioned communicating with companies to ▲ actively discover and resolve regulatory reform tasks ▲ spread the second venture boom ▲ foster new industries such as the Big 3 (system semiconductors, future cars, bio-health) and DNA (data, network, AI).

Additionally, it said it would ▲ strengthen talent development and vocational training ▲ expand investment in promising fields such as digital and green new deals ▲ promptly execute supplementary budget job projects such as special employment promotion incentives and youth job creation support.

This content was produced with the assistance of AI translation services.