Moon stresses economic revitalization
By Kim Yoo-chul
President Moon Jae-in has stressed the revitalization of the local economy, asking the government to join forces with the private and public sectors to apply stimulus measures focusing on emerging industries.
“Factors such as external economic uncertainty are denting the prospects of the South Korean economy given the country's heavy reliance on exports. While key economic indices such as inflation, employment rates and foreign reserves are under control, we have to keep the economy afloat by growing new businesses,” Moon said at the start of his weekly meeting with senior presidential secretaries at Cheong Wa Dae, according to Cheong Wa Dae press pool reports, Monday.
President Moon said the government expects the economy, Asia's fourth-largest, to improve gradually in the second quarter of this year after the country's GDP contracted 0.3 percent in the first quarter ― the biggest decline in a decade.
“As the economic situation isn't looking good, calls are high that the government should join forces with the National Assembly, but I am sorry to see the continued fuss in the Assembly. We have no options but to drive efforts to find new businesses,” said the President, mentioning the government's ongoing drive to expand the country's presence in the fifth-generation (5G) telecom network and fuel cells, as well as efforts to loosen regulations on finance-related industries.
President Moon said his economic team will cooperate with the finance and trade ministries to offer substantial administrative and financial incentives for non-memory semiconductors, bio-related businesses and eco-friendly vehicles.
Chief presidential press secretary Ko Min-jung said in a briefing that President Moon appreciated SK hynix's recent decision to invest up to 120 trillion won to create a mega semiconductor complex in Yongin, Gyeonggi Province. He also thanked Samsung Electronics for the announcement it would spend up to 133 trillion won on non-memory chips.
“I want relevant government agencies to better communicate with the private sector and businesses in quickly addressing major concerns and encouraging them to find new businesses,” the President said according to the pool reports.
The remarks came as South Korea's structural economic problems are presenting the government and the ruling Democratic Party of Korea with problems. Despite his efforts to bring peace to the Korean Peninsula, the efforts are being offset by worsening economic indices.
Moon's approval rating was 47.4 percent as of last week, a decrease of 0.8 percentage points from the previous week, according to a local pollster of Realmeter, Monday.
More than a third of those who were dissatisfied with Moon's overall performance cited his lack of ability to resolve economic-related issues, Realmeter said.