The government will provide all necessary support to help companies increase investments and hire more workers as the country tries to keep alive its growth momentum in the new year, the top economic policymaker said Tuesday.
In a meeting with the heads of the nation's six major business bodies, Finance Minister Yoo Il-ho said that the government's economic policy goal for this year is centered on job creation.
"The government will mobilize all resources to encourage companies, the main job creators, to invest and hire actively," said Yoo, who doubles as a deputy prime minister for economic affairs.
"Seoul is committed to getting rid of the red tape that is hindering employment and will provide swift support to new industries that can hire more people."
He pointed out that mounting uncertainties in China, falling crude oil prices and the introduction of negative interest rates by the Bank of Japan are all fueling external uncertainties.
"There is no time to let down our guard at this juncture," he stressed.
Yoo said the government will announce economic support measures for the first quarter on Wednesday, which could stimulate private spending ahead of the Lunar New year holidays. The traditional holiday starts next Monday and continues for three days.
He also said the government plans to listen to and put into practice recommendations made by local exporters so as to increase outbound shipments, one of the country's main growth engines.
In January, South Korean exports nosedived 18.5 percent on-year, the worst drop in more than six years.
Yoo said in particular that countries like India and Vietnam are growing at a brisk pace and, with international sanctions being lifted against Iran, the Middle Eastern country can become a good market for South Korean companies.
"If companies are willing to take up the challenge by making inroads into new markets and business sectors, the government will do its part to offer assistance," he said. (Yonhap)