Choo Kyung-ho: "Public Burden Will Be the Priority When Adjusting Electricity and Gas Prices"

[Asia Economy Sejong=Reporter Dongwoo Lee] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 22nd, "Energy charges such as electricity and gas will prioritize the burden on the public."

In his opening remarks at the plenary session of the National Assembly's Planning and Finance Committee on the same day, Deputy Prime Minister Choo said, "While considering the burden on the public, we will also take into account the financial situation of energy public enterprises to review the level and timing of adjustments and provide robust support for vulnerable groups." He added, "We will make every effort to stabilize public utility charges by simultaneously promoting energy-saving awareness and strengthening saving incentives." He also announced that central public utility charges such as roads, railways, and postal services will be operated with a freeze policy in the first half of the year to stabilize public utility charges.

Deputy Prime Minister Choo explained, "Difficult conditions are expected to continue until the first half of this year," adding, "While high inflation levels persist, the real economy is facing increasing difficulties centered on exports due to global economic slowdown and sluggish semiconductor industry conditions." To address this, the government plans to promote early execution of fiscal and public investments amounting to 383 trillion won and private investment projects in the first half of the year. The government will consistently pursue previously announced real estate normalization tasks and strengthen protection for tenants and vulnerable groups, including eradicating jeonse fraud.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is reporting on his duties at the plenary meeting of the Planning and Finance Committee held at the National Assembly in Yeouido, Seoul on the 22nd. Photo by Hyunmin Kim kimhyun81@

Focus will also be placed on stabilizing the real estate market. Deputy Prime Minister Choo said, "We will consistently pursue the announced real estate normalization tasks and closely monitor the recent complex market situation while strengthening protection for tenants and vulnerable groups, including eradicating jeonse fraud." He added, "We will monitor trends in the financial and foreign exchange markets and make every effort to manage potential risks such as household debt and marginal companies."

To revitalize exports and investment, efforts will focus on private sector vitality through deregulation and tax support measures. Deputy Prime Minister Choo emphasized, "We will consolidate the policy capabilities of all ministries through ministerial-level export and investment strategy meetings," and "Along with supplying a record-high 360 trillion won in trade finance, we will also prepare additional export support measures by industry." He further explained, "We will promptly expand tax support for national strategic technologies such as semiconductors and quickly improve regulations that hinder corporate creativity."

He also stressed the importance of structural reform. Deputy Prime Minister Choo explained, "Starting with the urgent task of labor reform, we will also fully initiate structural reforms in education and pension sectors, accelerate innovation in the financial and service sectors including promoting competition in the banking sector, improving the foreign exchange market structure, and enhancing the competitiveness of the service industry." Additionally, he emphasized, "By legislating fiscal rules and establishing ‘Fiscal Vision 2050,’ we will solidify the sound fiscal policy framework and spread a job- and performance-centered approach throughout public institutions’ organization, personnel, and compensation systems." Finally, he added, "I ask for active cooperation so that key bills to overcome the economic crisis, such as expanding tax support for investments in national strategic technology sectors like semiconductors, legislating fiscal rules, and enacting the Basic Supply Chain Act, can be promptly processed."

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