Jeong Manki, Vice Chairman of Muhyeop, Meets Deputy Minister of Economy and Finance to Discuss "Creating a Level Playing Field with Competing Countries"

Kim Byunghwan, 1st Vice Minister, Invited to the 16th Niche Hour Forum
"Efforts to Establish an Environment Equal to Major Competitors"

The Korea Industrial Federation, together with the Global Industrial Competitiveness Forum, announced that it held the '16th Niche Hour Forum' on the 25th at the Grandeur Ballroom B1 of the Automobile Hall in Seocho-dong, Seocho-gu, Seoul.

The forum was held under the theme "Vibrant Livelihood Economy, 2024 Economic Policy Direction," inviting Kim Byung-hwan, the 1st Vice Minister of the Ministry of Economy and Finance. About 100 industry figures from sectors such as automobiles, steel, textiles, and semiconductors attended.

Jung Manki, Vice Chairman of the Korea International Trade Association.
Photo by Yonhap News

In his policy lecture, Vice Minister Kim said, "This year, we will focus on revitalizing the livelihood economy based on the four major economic operation principles of freedom, fairness, innovation, and solidarity."

He stated plans to restore the livelihood economy through support measures such as the three major support packages for small business owners including special electricity bill support, interest burden relief projects, raising the threshold for simplified VAT taxpayers, and support for vulnerable groups.

He also mentioned managing potential risks through smooth landing of real estate project financing (PF) and securing supply chain stability. To realize a dynamic economy, regulatory easing will be implemented along with providing over 150 trillion won in policy finance over three years to five major advanced industries. Efforts will also be made to respond to population and climate crises and to ensure fiscal sustainability.

Kim Byung-hwan, 1st Vice Minister of Strategy and Finance.
Photo by Yonhap News

Jung Man-ki, Vice Chairman of the Korea International Trade Association and Chairman of the Forum, said in his greeting, "As global information and communication technology (ICT) industry recovery prospects emerge this year, we expect better external conditions than last year," but pointed out, "The problem is structural factors such as a shortage of the working population and continued core regulations, which may reduce the attractiveness of Korea's industrial location."

He emphasized, "The government and the National Assembly should actively strive to establish a business environment at least equal to major competing countries so that companies can fully enjoy short-term improvements while achieving mid- to long-term innovation and growth."