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| President Yoon Suk Yeol, center, attends an emergency meeting at the presidential office in Seoul, March 29. Yonhap |
President Yoon Suk Yeol instructed the government Wednesday to draw up measures to boost domestic consumption to help revive the economy.
Yoon made the remark while presiding over a regular meeting on economic and public livelihood matters with economy-related ministers.
"We must strive to revive the economy by boosting domestic consumption," he said during the meeting at the presidential office, noting continued economic difficulties caused by high inflation, high interest rates and various external factors.
"The economic slowdown of our main trading partners has also led to weak exports, which are a key driving force for our economy," he said, referring to exports of semiconductors and information and communications technology.
Yoon said his administration has taken various steps to curb prices related to basic living expenses and expand financial and tax assistance for small merchants and the self-employed.
He also said the government has until now focused on boosting exports and winning overseas orders by placing economic issues at the center of all diplomatic activities.
"Now we must think about ways to create new economic added value by boosting domestic demand," he said, suggesting linking consumption and sales of various cultural and tourist items, as well as local and specialized goods.
Yoon said the easing of COVID-19 restrictions worldwide and an improvement in relations between Korea and Japan are creating the conditions to restore the food, hospitality and tourism sectors to pre-pandemic levels.
He said the government will need to ease the issuance of visas and increase the number of flights for tourists from abroad. (Yonhap)
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