Hong Nam-ki: "'Seobalbeop' Tied Up for 10 Years... Urgent Passage in the National Assembly"

"Economic and Fiscal Subcommittee Not Even Submitted... Necessary for Industrial Development"
"Service Industry Accounts for 60% of Korea's Added Value and 70% of Employment... Must Revive for Economic Leap"

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki presides over and speaks at the expanded executive meeting of the Ministry of Economy and Finance held via video conference between the Government Seoul Office and the Government Sejong Office and the National Assembly on the 25th. (Photo by Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki appealed urgently for the passage of the "Basic Act on Service Industry Development," which has been stuck in the National Assembly for over 10 years. He conveyed the message that revitalizing the service industry, which accounts for about 60% of Korea's added value and about 70% of employment, is essential for economic advancement and the creation of "quality jobs," and that legislation of the Basic Act on Service Industry Development is absolutely necessary for this.

On the 26th, Deputy Prime Minister Hong wrote on his social media (SNS), "There is neither a basis to oppose the enactment of the law nor a reason to delay it," and "I earnestly appeal to the National Assembly to pass the law." The bill was first submitted as a government proposal on December 30, 2011. Hong said, "I had high hopes that the long-cherished wish for the 'Basic Act on Service Industry Development' would be fulfilled in this regular session of the National Assembly," and added, "It is regrettable that the bill was not even tabled at the Economic and Fiscal Subcommittee, which concluded on the 25th."

He further appealed, "A mega-trend transformation represented by digital non-face-to-face is underway," and "Since it is causing fundamental changes across all service sectors, we must prepare thoroughly." He added, "Even excluding the healthcare sector, there are various service fields such as content, tourism, software, and retail that require support through legislation," and "The growth of the service industry, which accounts for about 60% of the country's total added value and more than 70% of employment, will lead to economic advancement and the creation of quality jobs."

Deputy Prime Minister Hong also conveyed that the industry is appealing for the necessity of the Basic Act on Service Industry Development. He emphasized, "The Service Industry Federation, a coalition of organizations encompassing all service sectors, strongly asserted the need for the legislation on the 4th," and "Experts also express the necessity of legislation, stating that 'advanced country-type economic growth' and 'leading future changes in the service industry' are possible through this Basic Act."