Finance ministry asks public institutions to accelerate year-end investments

Ministry of Economy and Finance in Sejong Goverment Complex / Korea Times file

The finance ministry on Thursday called on major public institutions to push ahead with active investment execution through the end of the year, following record-breaking performance in the first half.

During a meeting with the 26 major public institutions, Kang Young-kyu, a senior ministry official, urged active investment execution through the year's end, in line with the government's ongoing effort to stimulate the economy.

The public entities invested a combined record high of 39.9 trillion won ($27.1 billion) in the first six months of the year, up 2.9 trillion won from the same period last year, according to the Ministry of Economy and Finance.

"Such investment efforts contributed to our economic recovery, resulting in real gross domestic product (GDP) growth of 1.2 percent in the third quarter," Kang was quoted by the ministry as saying.

The ministry expects this year's total investment by public institutions to reach 69 trillion won, an increase of 3 trillion won from the original annual target.