Finance Minister Yoo assures Korea's economy on track

Finance Minister Yoo Il-ho, left, greets Chairman James Kim of the American Chamber of Commerce Korea, second from right, and other executives from foreign-invested companies ahead of a luncheon meeting in Seoul, Thursday. / Yonhap

By Park Hyong-ki

Finance Minister Yoo Il-ho assured executives of foreign-invested companies and business chambers that the Korean economy will keep moving on the right track by pursuing structural reform and implementing its existing macroeconomic policies amid political uncertainty.

Ahead of a closed-door luncheon meeting with a dozen executives from foreign-invested companies, Yoo said in a speech Thursday that the Finance Ministry will continue to "act as the control tower for the economy and remove negative impact" from the impeachment of President Park Geun-hye.

The meeting was arranged to provide a comprehensive insight on recent Korea's economic situation to foreign-invested companies, according to the minister.

As experienced in the past such as the impeachment of former President Roh Moo-hyun and the Asian financial crisis, the finance minister said that Korea is fully capable of overcoming obstacles, and turning crises into opportunities.

Although he did not ensure that its policy would boost growth in the face of uncertainty, the Finance Ministry will seek to boost Korea's potential while remaining vigilant over household debt.

Given that some 16,000 foreign-invested companies' sales account for 13 percent of the total, exports about 18 percent and employment 6 percent, Yoo sought to address their concerns over the economy, which has been facing growing doubts amid the scandal involving the president.

Attendees included James Kim, chairman of American Chamber of Commerce Korea; HSBC Korea CEO Martin Tricaud; 3M Managing Director Amit Laroya; and Standard Chartered Bank Korea CEO Park Jong-bok.

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