Yoon Emphasizes 'Export and Livelihood Message'... Seeking to Reverse Economic Downturn

Holding consecutive meetings and discussions on economy and exports
Fostering new industries, startups, and export support
Emphasizing free competition amid criticism of high prices and interest rates

President Yoon Suk-yeol is repeatedly delivering messages related to 'exports' and 'livelihood.' This is interpreted as a move to reverse the ongoing high inflation situation amid forecasts that export volume will decline again this year due to the prolonged global economic recession.

According to the Presidential Office on the 25th, President Yoon has emphasized fostering export industries through important schedules this month, including presiding over the Emergency Economic Livelihood Meeting and Export Strategy Meeting, as well as holding discussions with businesspeople from sectors such as the Barakah nuclear power plant, space economy, and small and medium-sized venture enterprises.

First, at the Export Strategy Meeting on the 23rd, President Yoon presented a 'Export Plus' vision aiming to achieve an export target of $685 billion this year, a 0.2 percentage point increase compared to last year. This exceeds the $650 billion forecast by the Korea Development Institute (KDI) this month, as well as the $660 billion and $670 billion projections by the Korea International Trade Association's International Trade and Commerce Research Institute and the Korea Institute for Industrial Economics and Trade, respectively. Although there are forecasts that export volume will decline this year due to factors such as falling semiconductor prices, the plan is to expand exports and orders in 12 sectors including nuclear power, defense, overseas construction, agricultural and marine food products, content, and bio industries to create a turning point.

President Yoon stated, "If exports slow down and the trade deficit continues, our country, which is highly dependent on the external economy, will face severe difficulties," and added, "The only way to overcome the complex crisis including high interest rates is through exports and revitalizing startups." He instructed the establishment of an all-government export response system. In particular, he ordered each ministry to set export targets and to monitor and manage implementation through 'Export and Investment Officers (Grade 1).'

At meetings with businesspeople, the government also promised active support. Especially at the small and medium-sized, venture, and startup meeting held the previous day, President Yoon reasserted himself as Korea's first salesperson, saying, "I will continue to accompany small and medium-sized, venture, and startup companies during overseas visits and do my utmost to help our companies achieve outstanding results in the global market."

[Image source=Yonhap News]

There have also been repeated 'harsh remarks' aimed at achieving labor reforms promoted since last year and slowing inflation.

Regarding the eradication of illegal activities such as accounting transparency and violence in labor unions, President Yoon, after receiving a report on illegal activities and countermeasures at construction sites following the Cabinet meeting he presided over at the Yongsan Presidential Office on the 21st, emphasized, "Prosecutors, police, the Ministry of Land, Infrastructure and Transport, and the Ministry of Employment and Labor must cooperate to strongly crack down on organized illegal acts such as extortion and violence at construction sites," and stressed, "I will root out extortion and violent acts at construction sites within my term."

President Yoon recognizes that repeated illegal acts by labor unions will cause harm to workers, weaken corporate international competitiveness, and deter foreign companies from investing in Korea, thereby negatively impacting the national economy.

At the Chief Secretary meeting on the 13th, President Yoon instructed, "The Financial Services Commission should prepare related measures to prevent a sense of alienation among the public caused by the 'bank money feast.'" This was a direct demand for improvement amid growing public criticism of commercial banks' profits from interest rate margins and the resulting bonus feasts in a high-interest rate environment.

On the 15th, he presided over the first Emergency Economic Livelihood Meeting of the year and ordered the preparation of price reduction measures in four major sectors: public, energy, finance, and telecommunications. He particularly emphasized shared pain, noting that financial and telecommunications companies also have a public nature.

Not stopping there, on the 23rd, after receiving a report from Han Ki-jung, Chairman of the Fair Trade Commission, on "measures to make the competition system in the financial and telecommunications sectors effective," he instructed, "Make sure to devise measures to suppress rent-seeking behavior by oligopolistic systems that cause excessive burdens on the public."

The government plans to promptly prepare measures to promote price competition in the mobile device distribution market, induce new market entrants to curb the oligopoly of the three major mobile carriers, and strengthen the business base of independent small and medium-sized budget phone operators. It also plans to review terms and conditions used by financial companies such as banks, mutual savings banks, and financial investment firms, and request corrections from the Financial Services Commission for terms that disadvantage consumers. Regarding strict punishment of illegal acts by labor unions, prosecutors and police will launch a so-called 'Construction Violence Joint Investigation Team' based on cooperation between the prosecution and police to eradicate illegal acts at construction sites.

[Image source=Yonhap News]

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