Korea to maintain policy goal to tame inflation, diversify exports: Choo
Finance Minister Choo Kyung-ho, center, attends the 60th anniversary of Korea's five-year economic development plan in Seoul, May 25, in this photo released by the Ministry of Economy and Finance. Yonhap
Finance Minister Choo Kyung-ho said Thursday the government plans to maintain its policy goal to tame inflation while making efforts to address imminent challenges to maintain economic growth.
"We plan to solidify our policy drive to tame inflation and stabilize macroeconomics by rolling out consistent and predictable policies," Choo said during an event to commemorate the 60th anniversary of Korea's five-year economic development plan launched in 1962.
The finance minister said while it is notable that Korea has emerged as an advanced economy by rolling out a series of economic development plans since the 1960s, the country nevertheless faces challenges amid geopolitical tensions, climate change and a reshuffle of the global supply chain.
"Korea plans to make efforts to diversify export items and markets, also focus on winning more projects overseas," Choo said. "We will beef up the competitiveness of the export sector so that outbound shipments can quickly rebound when the global economy improves."
Korea's exports fell 16.1 percent on-year in the first 20 days of May due to a prolonged slump in the global chip industry, data showed earlier this week, with the country's outbound shipments set to lose ground for the seventh consecutive month.
Choo said Korea will revamp its regulations to meet global standards and expand investment in research and development projects in the cutting-edge technology sector for private-sector-led growth.
"Going forward, Korea will share its history and confidence of economic development with developing nations, and become an economic leader that collaborates with the global community," the finance minister added.
Finance Minister Choo Kyung-ho speaks during an event in Seoul to commemorate the 10th anniversary of the World Bank's office in Korea, May 24, in this photo released by the Ministry of Economy and Finance. Yonhap
The managing director of the World Bank said the Washington-based organization is proud of being a close partner of South Korea for the past six decades.
"We were working together at a time of your first five-year plan," Anna Bjerde, the bank's managing director for operations, said during the opening session. "And we are still working together today, to take the lessons of Korea's development success to other World Bank member countries around the world."
"Korea's success shows that development and poverty reduction are not just aspirational targets."
The bank wishes to work together with Korea to eliminate global inequality and tackle climate change, as well as other challenges of the generation, she added.
Korea has become a donor country from being a recipient of U.N. aid in half a century, a transformation that has inspired many developing nations to follow in the footsteps of the Asian country in advancing their economies. (Yonhap)