Choo Kyung-ho: "Everyone in the Ministry of Industry, Fully Mobilize Policy Capabilities for Export and Investment"

"China's Reopening Must Lead to Export Expansion"

Choo Kyung-ho, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho emphasized on the 28th, "All ministries should mobilize their policy capabilities with the determination that everyone is an industrial ministry to expand private sector exports and investments."

At the Cabinet meeting held at the Government Seoul Office on the same day, Deputy Prime Minister Choo stated, "Our economy continues to face difficult conditions amid the global complex crisis of high inflation, high interest rates, and high exchange rates," adding, "To overcome the current crisis and achieve a leap forward after the crisis, our economy must increase vitality centered on the private sector and the market." He also urged, "Please pay special attention so that the effect of China's reopening can lead to an expansion of exports by our companies."

Deputy Prime Minister Choo also pointed out, "The February extraordinary session of the National Assembly ends today, and the March session will soon begin," and lamented, "Unfortunately, urgent livelihood and economic bills such as the Restriction of Special Taxation Act to strengthen the competitiveness of national strategic industries like the semiconductor industry, and the Labor Standards Act to maintain the additional extended working hours system, have not passed the National Assembly."

He continued, "Each ministry should make every effort to communicate with the National Assembly so that these bills can be passed swiftly," and said, "Since there are significant disagreements on laws such as the Grain Management Act and the Freight Truck Transportation Business Act, I hope that more thorough discussions between the ruling and opposition parties will take place." He urged the relevant ministries to "fully explain the effects, problems, and alternatives of the law amendments."

Regarding the amendment to the Government Organization Act to elevate the Ministry of Patriots and Veterans Affairs to the Ministry of Patriots and Veterans and to establish the Overseas Koreans Office, he stated, "The newly launched Ministry of Patriots and Veterans and Overseas Koreans Office will contribute to Korea's leap forward," and added, "Please ensure that these two organizations can be launched without any setbacks."