Vice Minister of Economy and Finance: "Providing 1 Million Direct Jobs by the First Half of the Year"

Export-Import Bank Hosts 16th Emergency Economic Vice Ministers' Meeting
Bang Gi-seon, 1st Vice Minister, "Employment Growth Likely to Slow Significantly"

[Asia Economy Sejong=Reporter Song Seung-seop] As the increase in employed persons is expected to be sluggish this year, the government will provide 1 million jobs for vulnerable groups.

Bang Gi-seon, First Vice Minister of the Ministry of Economy and Finance, stated on the 13th, “For direct jobs supporting employment-vulnerable groups, we will promptly execute the plan to provide jobs for more than 590,000 people in January, more than 920,000 people in the first quarter (88.6% of the total planned number), and aim for about 1 million people by the first half of the year, to support those needing winter jobs and income.”

Bang Gi-seon, First Vice Minister of the Ministry of Economy and Finance, is attending the Emergency Economic Vice Ministers' Meeting and Job Task Force Meeting held at the Export-Import Bank in Yeouido, Seoul, on the 13th, delivering opening remarks.
Photo by Yoon Dong-joo doso7@

On the same day, Vice Minister Bang attended the 16th Emergency Economic Vice Ministers’ Meeting and the 2nd Job Task Force Meeting held at the Export-Import Bank of Korea in Yeongdeungpo-gu, Seoul, and explained, “This year, employment growth is expected to be significantly constrained due to economic slowdown and the base effect from the previous year. Difficulties are expected to be concentrated in the first half of the year, so we plan to promptly implement job projects such as new industry vocational training and youth employment support during the first half.”

He added, “We will continue to closely monitor the employment situation centered on the Job Task Force and proactively respond to job uncertainties. At the end of January, following the announcement of the Basic Employment Policy Plan containing the government’s mid- to long-term job measures, we will sequentially announce major job measures tailored for youth, women, and the elderly to promote employment.”

He also expressed the opinion that a new Foreign Exchange Act should be established. Vice Minister Bang said, “Since the Foreign Exchange Management Act was enacted to manage foreign capital outflows amid chronic foreign exchange shortages in the past, foreign exchange liberalization has been continuously pursued through two full-scale reforms. However, it is true that there have been criticisms that the existing regulatory framework has limitations in fundamentally changing the system.”

Vice Minister Bang stated, “We will break away from the inertia of maintaining regulations and establish a market-friendly foreign exchange system suitable for the mature level of our economy, and enact a new Foreign Exchange Act to build a smooth external transaction foundation for citizens and companies. The direction of the new Foreign Exchange Act will be officially announced at a ministerial-level meeting chaired by the Deputy Prime Minister for Economy after discussions.”

Regarding the current status of exports and investment sectors, he expressed concern, saying, “This year’s conditions are also expected to be more challenging than ever.” Vice Minister Bang said, “We will enhance export competitiveness through strengthened tax support measures to revitalize investments such as semiconductors. We will closely monitor export and investment trends by industry, prepare preemptive countermeasures for risk factors, and actively respond to field difficulties.” He also evaluated, “The Export and Order Support Team has received 235 cases of difficulties so far and resolved 175 cases.”

Meanwhile, ahead of the Lunar New Year holiday, Vice Minister Bang analyzed, “As of the 11th, the prices of 16 major seasonal products are maintained at 2.5% lower than last year’s Lunar New Year.” He also informed, “Starting this weekend, there will be an event where up to 30% of purchases of agricultural, livestock, and marine products at traditional markets can be refunded with Onnuri gift certificates.”