Vice Minister of Economy: "Downside Risks to Economy Easing... Full Effort on Export Support"

Bang Gi-seon, 1st Vice Minister of Strategy and Finance, to Preside over the 26th Emergency Economic Vice Ministers' Meeting on the 16th

Bang Gi-seon, Vice Minister of the Ministry of Economy and Finance, is attending the Emergency Economic Vice Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 16th, delivering opening remarks. Photo by Dongju Yoon doso7@

Bang Gi-seon, the 1st Vice Minister of Strategy and Finance, stated on the 16th, "We will make every effort to support tax incentives, resolve corporate difficulties, and diversify exports to revitalize exports and investment."

On the same day, Vice Minister Bang chaired the "26th Emergency Economic Vice Ministers' Meeting" at the Government Seoul Office, discussing the implementation direction and key tasks of the economic policy direction for the second half of 2023, measures to manage agricultural and food prices during the summer, trends in major export industries, and future prospects.

Vice Minister Bang mentioned that the inflation rate is slowing down, with a moderate recovery in domestic demand and steady employment growth, indicating that downside risks are somewhat easing. He added, "Based on this trend, to activate exports and investment, we will include the bio industry along with semiconductors, secondary batteries, and future mobility in the national strategic technology investment tax credit to support strengthening the export competitiveness of key industries,

and we will continue efforts to diversify exports by promoting digital and content service exports, as well as supporting defense and infrastructure contract wins."

In preparation for food price instability during the summer, he emphasized, "We must manage supply and demand stably through government stockpiling, expanded contract farming, and tariff reduction measures," and added, "We should continuously reduce the burden on farms and the food and dining industries through support for farm feed and fertilizer purchase costs, allocation tariffs on major food materials, and easing regulations on foreign labor employment."

He further stated regarding the "Economic Policy Direction for the Second Half of 2023," "Since uncertainties remain throughout our economy,

we plan to include policy tasks aimed at firm livelihood stabilization, a rebound in the economy in the second half, and structural improvement of the economic system."

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