Bang Gi-seon, Deputy Minister of Economy and Finance, "Q1 indicators show recovery from slump... exports and investment must rebound"

Bang Gi-seon, the 1st Vice Minister of the Ministry of Economy and Finance, evaluated on the 28th that "the indicators show signs of recovery from the sluggishness in the fourth quarter of last year," and emphasized that "for our economy to fully recover, the revitalization of exports and investment must accompany this," adding that "we will strengthen comprehensive policy responses including tax, budget, financial support, and regulatory innovation."

On the morning of the 28th at 8 a.m., Vice Minister Bang presided over the 22nd Emergency Economic Vice Ministers' Meeting and the Export and Investment Responsibility Officers' Meeting at the Government Seoul Office, making these remarks. Referring to the 'March Industrial Activity Trends' announced by Statistics Korea on the 28th, Vice Minister Bang said, "The previously sluggish manufacturing industry rebounded centered on semiconductors, resulting in a 1.6% increase in total industrial production in March," and added, "Although the indicators show signs of recovery from the sluggishness in the fourth quarter of last year, for our economy to fully recover, the recovery of consumption must be maintained as much as possible while the still sluggish exports and investment must be revitalized."

Vice Minister Bang stated, "Investment indicators such as facility investment and construction performance showed somewhat sluggish trends," and declared, "We will strengthen comprehensive policy responses to revitalize exports and investment." He also explained, "Since January, we have identified 27 cases of investment project difficulties worth 16.2 trillion won through the Regulatory and Investment Difficulty Reception Center and various associations, and have been resolving them through consultations with related ministries." Specifically, he mentioned support for bio factory construction through expedited permit processing and assistance in securing sites for solar power plant installation within new industrial complexes.

Furthermore, efforts will be made to strengthen the environment to promote rapid investment in venture companies. Vice Minister Bang said, "We will swiftly implement follow-up measures to the 'Venture Fund Support and Competitiveness Enhancement Plan' announced on the 20th," and added, "We will establish a mother fund of over 2 trillion won within this year and fully apply venture investment incentives to ensure rapid investment in venture companies." In particular, a tax law amendment has been prepared to provide a tax credit of 5% of the investment amount and 3% of the increase in investment when investing in companies through private venture mother funds, which will be applied from this year's investments.

Efforts to respond to inflation will also be strengthened. It was explained that improvements in the distribution structure to stabilize the supply and demand of agricultural products such as onions, radishes, and potatoes will continue. Vice Minister Bang said, "Although agricultural products such as vegetables, which have shown high price increases, are expected to gradually stabilize due to increased spring production, we will continue to induce price stability through expanded imports and discount support," and added, "In the case of onions, 645 tons of low-tariff quota (TRQ) will be urgently imported until April," and "radishes and processing potatoes will also be subject to tariff quotas starting from the 1st, which is expected to expand domestic supply."

Bang Gi-seon, First Vice Minister of Strategy and Finance, is attending the Emergency Economic Vice Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 10th, delivering opening remarks. Photo by Dongju Yoon doso7@

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