Moon calls for pump-priming measures

By Lee Min-hyung

President Moon Jae-in

President Moon Jae-in called for measures to reinvigorate the economy during a meeting with senior economic officials at Cheng Wa Dae, Monday.

This is the first time Moon has held an extended meeting with top economy policymakers since taking office in May last year.

Participants include new Finance Minister Hong Nam-ki, Fair Trade Commission Chairman Kim Sang-jo and a group of ministerial officials dealing with the economy.

The meeting was arranged on Friday when President Moon was carrying out a major reshuffle of vice minister-level officials with a keen focus on bolstering the local economy.

“To improve the lives of the public, we need to create more jobs and resolve difficulties the people and the self-employed are facing,” Moon said in an opening speech for the meeting.

“Industry-wise, we need to enhance the competitiveness of our manufacturing industries, such as cars and shipbuilding, while at the same time introduce industrial policies to find next-generation growth areas and new businesses.”

Starting this month, the presidential office is showing its strong determination to boost the economy by changing ranking economy officials, including the finance minister.

The new minister also pledged to improve the nation's economic circumstances next year.

“We will do our utmost to enhance the economy next year,” he said. “The government is on track to introduce policies centering on the revitalization and growth of the economy.”

In particular, he urged the need to ease heavy economic regulations for companies to increase their investments without any hurdles.

“We will remain swift in lifting regulations getting in the way of investment. On top of that, we will also introduce measures to generate tangible outcomes for emerging industries, such as businesses related to smart factories and fintech.”