Choo Kyung-ho "Exports unlikely to reverse growth trend soon... Export structure improvement"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is presiding over an emergency economic ministers' meeting at the Government Seoul Office Building on November 1, 2022. Photo by Yonhap News

[Asia Economy Sejong=Reporter Son Seonhee] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho expressed concern on the 1st, stating, "The sharp decline in semiconductor prices and the contraction of the global IT market are placing a heavy burden on our exports, which have a high IT proportion, making it unlikely for the growth trend to reverse anytime soon." The government plans to identify and promote tasks focused on 'improving the export structure' within the year.

Deputy Prime Minister Choo chaired an emergency economic ministers' meeting at the Government Seoul Office in the afternoon, saying, "As global economic downturn and China's lockdown worsen external conditions, global trade is slowing down, and our exports are also being affected."

At the meeting, ministers and vice ministers from related ministries including the Ministry of Science and ICT, Ministry of Culture, Sports and Tourism, Ministry of Agriculture, Food and Rural Affairs, Ministry of Trade, Industry and Energy, Ministry of Employment and Labor, Ministry of Gender Equality and Family, Ministry of Land, Infrastructure and Transport, Ministry of Oceans and Fisheries, Ministry of SMEs and Startups, Office for Government Policy Coordination, Korea Fair Trade Commission, and Financial Services Commission discussed the 'Plan to Secure New Growth Export Engines.'

Deputy Prime Minister Choo emphasized, "To enable our exports to quickly rebound into a growth trend when global economic conditions improve, it is necessary to strengthen efforts for fundamental export structure improvement, such as diversifying export items and regions and enhancing export competitiveness."

To this end, the government plans to prepare and implement detailed strategies to secure export engines in five major sectors: ▲key industries ▲overseas construction ▲small and medium enterprises & ventures ▲tourism & content ▲digital, bio, and space.

Deputy Prime Minister Choo said, "These five sectors are core areas that lead the global market or are promising new industries with high growth potential, forming the foundation for the re-acceleration of our exports." He added, "Within this month, we will launch public-private joint consultative bodies for each of the five sectors to immediately start identifying effective key tasks and swiftly promote most of the tasks within the year by consolidating government-wide capabilities." He also added, "We will promptly operate a pan-ministerial export and investment support team to resolve difficulties faced by companies and support investment activities."

Meanwhile, regarding the recent 'Itaewon tragedy,' Deputy Prime Minister Choo said before the opening remarks of the meeting, "I offer my condolences to those who lost their lives in this unfortunate accident and extend deep sympathy to the bereaved families." He added, "The government will make every effort to manage the aftermath of the accident and ensure that administrative and financial support is provided swiftly and thoroughly."

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