Vice Minister Ki: "Expecting Service Industry Development Act to be Passed in December Special Session"

[Sejong=Asia Economy Reporter Kim Hyunjung] Lee Okwon, the 1st Vice Minister of the Ministry of Economy and Finance, said on the 24th, "I earnestly hope that the Service Industry Development Framework Act will be passed within the December extraordinary session of the National Assembly."

At the congratulatory speech during the '9th Anniversary Ceremony of the Federation of Service Industries' held at the National Assembly Members' Office Building that day, Vice Minister Lee stated, "More than ever, there is a consensus on the necessity of this bill and opinions are gathering on detailed issues." The Service Industry Development Framework Act is a law containing regulatory improvements and support measures to revitalize the service industry, which has been pending in the National Assembly for 10 years since it was submitted as a government proposal on December 30, 2011.

Regarding this, Vice Minister Lee said, "The service industry is not only vast in scale but also composed of various sectors with different characteristics, and it is gradually evolving into forms different from the past due to the convergence of manufacturing and services and the emergence of new business models." He added, "Due to these characteristics of the service industry, only through a comprehensive and systematic approach from a mid- to long-term perspective can the overall development of the industry be achieved."

He also emphasized, "The service industry is facing a wave of change triggered by the unprecedented crisis caused by the COVID-19 pandemic," and "The new leap of the service industry, which accounts for 60% of the total value added and 70% of employment in our country, will soon lead to a stable future growth engine for our economy."

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