Choo Kyung-ho: "Committed to Enhancing Economic Vitality to Promote Economic Rebound"

Emergency Economic Ministers' Meeting and Export Investment Policy Meeting on the 28th

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is delivering opening remarks at the 'Mid-sized Business Leaders Meeting' held on the 26th at the Sangjanghoe Social Hall in Mapo-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 28th at the emergency economic ministers' meeting and export investment countermeasure meeting held at the Government Seoul Office that "We will strive to enhance economic vitality by promoting exports and investment, as well as revitalizing domestic demand and regional economies for a swift economic rebound."

On the same day, Deputy Prime Minister Choo presented the economic policy direction for the second half of the year. He said, "The government maintains expectations for a low base and strong second half in our economy, but considering the domestic and international conditions where uncertainties still persist throughout the economy, we will pursue economic policies for the second half of the year," adding, "We will focus on stabilizing the livelihood economy by firmly establishing price stability while alleviating burdens related to living and housing, and supporting welfare for the vulnerable."

He also emphasized, "We will double efforts to improve the economic structure and productivity through fostering science and technology and advanced industries, implementing the three major structural reforms in labor, education, and pensions, and regulatory innovation," and "We will continue to address future challenges such as low birthrate and aging population, climate crisis, and economic security issues."

Deputy Prime Minister Choo also unveiled the 4th Basic Plan for Food Industry Promotion aimed at strengthening the global competitiveness of the food industry. He stated, "We will strengthen policy support to expand agricultural and food exports, which amounted to $8.8 billion last year, to $15 billion by 2027."

He further explained, "To enhance the competitiveness of small and medium food enterprises, we will enact the Food Tech Industry Promotion Act within this year," and "Starting next year, we will focus on fostering Food Tech Innovation Clusters where related companies, research institutes, and regional universities are concentrated." Deputy Prime Minister Choo also mentioned, "We will discover promising varieties tailored to export target countries so that the number of agricultural and food export items exceeding $100 million annually, currently 11, will expand to 20 by 2027."

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