President Moon: "Changing Status from Developing to Developed Country is a Very Proud Achievement" (Comprehensive)

Presiding over the State Council Meeting, "A Result Achieved through the Blood and Sweat of the People" on Upgrading South Korea's Status in the UN Conference on Trade and Development

[Asia Economy Reporters Ryu Jeong-min and Lee Ji-eun] President Moon Jae-in stated on the 6th, "The change in status from a developing country to an advanced country is the first since the establishment of the United Nations Conference on Trade and Development (UNCTAD) in 1964, and it is a very proud achievement."

On the morning of the same day, President Moon presided over a Cabinet meeting at the Blue House and said regarding UNCTAD's change of South Korea's status to an advanced country, "I hope the people take pride in this proud achievement made through their blood and sweat."

Earlier, on the 2nd (local time), at the 68th Trade and Development Board meeting held at UNCTAD headquarters in Geneva, Switzerland, 195 member countries unanimously agreed to change South Korea's status from the developing country group to the advanced country group.

[Image source=Yonhap News]

The advanced country group increased to 32 countries with the inclusion of South Korea. President Moon also mentioned that South Korea's economy has grown to rank within the world's top 10 and that it has been invited to the Group of Seven (G7) summits for two consecutive years, highlighting the changed status on the international stage.

President Moon said, "Now, with pride as a confident advanced country, the Republic of Korea will faithfully fulfill its role in the international community and continue to advance to become a leading nation."

Regarding the legislation of compensation for small business owners' losses and the discussion of the second supplementary budget for compensation, President Moon emphasized, "Swift passage through the National Assembly is necessary," and expressed expectations, saying, "Expansionary fiscal policy is producing a triple effect. This supplementary budget will also play a significant role in revitalizing our economy and improving people's livelihoods."

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