Choo Kyung-ho: "Improving Working Hours System to Alleviate Chronic Labor Shortage in Export Companies"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho (fifth from the left) is taking a commemorative photo with participants at an export industry meeting held at SPG, an industrial precision motor company in Namdong Industrial Complex, Namdong-gu, Incheon, on the morning of July 1, 2022. Photo by Yonhap News

[Asia Economy Sejong=Reporter Son Seonhee] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on the 1st, "To alleviate the chronic manpower shortage, a persistent difficulty for export companies, we will promote improvements in working hours systems and expand employment of youth and foreigners."

On the same day, Deputy Prime Minister Choo visited the Namdong National Industrial Complex in Incheon and held a meeting with export company officials, stating, "The government will focus on responding to external risks and expanding the export base to sustain export momentum," and added, "Above all, we will resolve major difficulties faced by export sites and expand support centered on tasks with high demand."

He also said, "We will expand trade finance for small and medium-sized enterprises (SMEs) and mid-sized companies, and strengthen financial support to address current issues such as logistics and supply chains," adding, "We will support the alleviation of logistics burdens for small exporters by securing dedicated shipping spaces for small shippers and reinforce infrastructure such as expanding joint logistics centers exclusively for SMEs."

Regarding the recent export conditions amid three consecutive months of trade deficits until last month, Deputy Prime Minister Choo expressed concern, saying, "Export companies are facing considerable difficulties due to rising raw material prices, supply chain instability, and exchange rate fluctuations," and "Considering that most of the recent difficulties faced by export companies are external factors that are not easily improved in the short term, export conditions in the second half of the year are also expected to be challenging."

He emphasized, "We will carefully review the difficulties and suggestions from the export field and actively reflect them in future policies to revitalize exports."