Yoon: "We Must Create Economic Added Value Through Domestic Demand Revitalization" (Update)

President Yoon Chairs 15th Emergency Economic and Livelihood Meeting
Emphasizes Revitalizing Domestic Demand Linked to Culture and Tourism
Urges Visa System Improvement and Prompt Expansion of Flight Services

President Yoon Suk-yeol on the 29th urged, "In addition to the government's efforts to stabilize people’s livelihoods and expand exports, we must focus on creating economic added value through revitalizing domestic demand and revitalizing the economy."

In his opening remarks at the '15th Emergency Economic and Livelihood Meeting' held at the Yongsan Presidential Office on the same day, President Yoon mentioned the Ukraine war, economic slowdown in major trading countries, financial market uncertainties, and sluggish semiconductor and information and communication technology (ICT) exports, stating, "What is most important in this crisis situation is the stabilization of people’s livelihoods."

Regarding the revitalization of domestic demand, President Yoon ordered, "We must strive to revitalize the economy through stimulating domestic demand by ensuring smooth linkage between consumption and sales of various cultural and tourism products, alleyway markets, local market products, and specialty goods."

[Image source=Yonhap News]

He also suggested ways to develop traditional markets into cultural products while well linking various cultures and tourism so that many people can gather.

He added, "With the global easing of quarantine measures and the improvement of Korea-Japan relations, conditions are now being created to restore consumption and tourism in the food and accommodation sectors, which were severely hit by COVID-19, to pre-pandemic levels," emphasizing, "In preparation for many foreign tourists visiting Korea, the visa system should be made more convenient, and air routes should be increased promptly."

President Yoon also stressed, "First, second, and third is the livelihood of the people," and urged, "To revitalize domestic demand, not only the central government but also local governments and the private sector must work together. Ministers of related departments should approach this with extraordinary determination so that the public can feel the effects."