Choo Kyung-ho "Active Support for Large-scale Orders, Expansion of Trade and Export Financing"

Meeting of National Customs Directors for the Second Half of 2023 on the 14th

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho [Photo by Yonhap News]

Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance, emphasized on the 14th, "We will actively support large-scale orders such as shipbuilding, nuclear power, defense, and overseas construction by making exports a breakthrough for economic recovery, and also expand customized trade and export financing as well as tax and subsidy support."

On the same day, Deputy Prime Minister Choo attended the '2023 Second Half Nationwide Customs Directors Meeting' held at the Incheon Regional Customs Office and stated, "The government plans to focus on stabilizing prices and people's livelihoods while further strengthening comprehensive policy responses for a full-fledged economic rebound to revitalize domestic demand, exports, and investment."

Choo said, "In the mid to long term, we must actively develop new export markets such as the Middle East, ASEAN, and Latin America secured through normal sales diplomacy to diversify export markets and also diversify export items into digital, content, and agricultural products." He added, "We will actively promote measures to expand tourist attraction, such as waiving visa fees and upgrading tourism content, so that the recent resumption of group tours from China to Korea can lead to the revitalization of service exports."

Additionally, Deputy Prime Minister Choo addressed the Customs Service employees, saying, "All public officials should have the attitude of being salespeople who promote our companies and problem solvers who resolve corporate difficulties, focusing all their capabilities on the swift rebound of exports, which had been declining." He explained, "The role of customs officials working on the front lines of import and export sites is more important than anything else."

He continued, "I ask the Customs Service to concentrate its capabilities to quickly restore export vitality," and said, "We must proactively respond to trade frictions with foreign countries to create an environment where our companies can focus on exports with peace of mind." He also mentioned, "The Customs Service's early warning system (C-EWS), which analyzes prices and import volumes of daily necessities and raw materials in real time, should be advanced to timely monitor the impact on prices and supply chains."

He also called for strict law enforcement and improved convenience for taxpayers. He stated, "It is necessary to respond firmly to intentional customs evasion, illegal foreign exchange transactions, and the import of counterfeit goods," and urged, "At the same time, related policies such as extension of payment deadlines, suspension of customs investigations, and taxpayer assistance services for filing should be actively implemented to support excellent export companies."

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