The government will make more efforts to improve the livelihoods of ordinary Koreans and bolster the country's industrial competitiveness, the finance minister said Wednesday.

In a weekly economic policymakers meeting, Bahk Jae-wan said high oil prices and a rise in housing related outlays are making it harder for people to make a living.

He also said that failure by many baby boomers to start their own businesses after retirement is further causing social problems.

"There is a need for the government to focus on alleviating the plight of citizens experiencing hard times," the minister said.

The country's top economic policymaker, in addition, said efforts must be made to raise the value of the local machinery industry so they can compete with foreign rivals.

He said the machinery sector is ideal for small and medium enterprises and has the ability to create jobs but is handicapped by weak related support services.

"South Korea's machinery sector's value-added ratio stands at only 10 percent of advanced industrialized economies," Bahk said.

The minister said to correct this shortcoming, there is a need to build up the distribution, rental and repair operations, and other related services.

The policymaker, meanwhile, said Seoul plans to reform the country's industrial accident coverage to help people rejoin the workforce as quickly as possible. (Yonhap)