Choo Kyung-ho "Extensive Tax Support for New Growth and Advanced Technology, Please Invest Actively"

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Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is delivering opening remarks at a meeting with business leaders held at the Federation of Korean Industries Conference Center in Yeongdeungpo-gu, Seoul, on the morning of the 20th.
[Image source=Yonhap News]

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 20th, "Since the government is expanding opportunities through tax support, I hope (companies) will make proactive investments for the future."

On this day, Deputy Prime Minister Choo held a meeting with business leaders at the Federation of Korean Industries in Yeongdeungpo-gu, Seoul, saying, "The government is providing extensive tax support for new growth and national advanced technologies, and this year, it is also offering a temporary investment tax credit for one year." Representatives from major domestic companies such as Samsung, SK, Hyundai Motor, LG, POSCO, and Lotte attended the meeting.

Deputy Prime Minister Choo emphasized again, "Exports are generally not easy, and there is no clear sign of economic recovery," adding, "While stabilizing people’s livelihoods is important, exports and investment are what support the economy." He urged, "The government will actively support activities through improvements in regulations related to research and development, taxation, and finance, so please take the lead."

Regarding the current economic situation, he explained, "There has been significant economic uncertainty and increased volatility in financial markets since last year and continuing into this year," and added, "Economic difficulties, including geopolitical factors, persist, and uncertainties remain." However, he assessed, "At each critical point, companies and citizens have come together on the ground to manage without major disruptions."

Deputy Prime Minister Choo continued, "Fortunately, the recent inflation rate has been relatively stable compared to other advanced countries, staying in the low 3% range, and we expect to see it in the 2% range in June and July." He expressed confidence, saying, "Although inflation often temporarily rises in August and September due to seasonal factors such as typhoons and the Chuseok holiday, I believe the overall trend will be downward."

On employment, he said, "On the surface, indicators such as the number of employed persons and employment rate have reached record highs, while the unemployment rate is at a record low." Deputy Prime Minister Choo noted, "Nevertheless, a major problem remains that young people are still unable to find the jobs they want," and mentioned, "Some companies are even complaining about labor shortages to the extent that demand for foreign workers is increasing."