Beyond the Economic Ministries, Cross-Ministerial Organic Participation
Actively Supporting 'Semiconductors, Automobiles, and Shipbuilding'
Sung Tae-yoon, Chief of Policy Office at the Presidential Office, is giving a briefing on economic issues at the Presidential Office building in Yongsan, Seoul, on the 2nd. [Image source=Yonhap News]
The Presidential Office has decided to form a 'Livelihood Price Task Force' (TF) and a 'National Strategic Industry' TF to stabilize living costs and promote growth in key industries.
On the afternoon of the 2nd, Policy Chief Sung Tae-yoon held a briefing at the Yongsan Presidential Office, stating, "For recent economic achievements, livelihood economy, and industrial structural growth to continue, it is important to have a national strategic and comprehensive approach that strengthens cooperation not only among economic ministries but also social ministries, science and technology ministries, administrative safety, and local governments."
The Presidential Office plans to fully support the stabilization of living costs and growth of core industries by activating a national support system that organically involves multiple ministries beyond just economic departments through this TF.
Chief Sung explained, "The Livelihood Price TF will discuss price response measures focusing on key items with large price fluctuations, high public sensitivity, or significant impact on overall prices," adding, "The approach is not at the individual price level but aims to establish structural price stabilization measures considering distribution, supply structures, and overseas factor transmission routes."
He noted that consumer prices in April recovered to the 2% range for the first time in three months but pointed out, "Unstable factors such as international oil prices due to global factors remain. With ongoing geopolitical risks in the Middle East, uncertainties remain high, including rising dining-out prices and public utility charges."
He added, "The government will continue to maintain vigilance and make every effort in price response until prices are stably maintained in the 2% range and the public can actually feel the price stabilization."
Sung Tae-yoon, Chief of Policy Office at the Presidential Office, is giving a briefing on economic issues at the Presidential Office building in Yongsan, Seoul, on the 2nd. [Image source=Yonhap News]
Chief Sung said, "Our country's major strategic industries such as semiconductors, automobiles, and shipbuilding are driving overall export growth," and announced plans to strengthen support for these three industries.
He emphasized, "The semiconductor industry is described as a 'war without gunfire' due to fierce competition for dominance," and added, "We will narrow the gap with leading companies in the system semiconductor sector, which is the core of the semiconductor industry."
Regarding the automobile industry, he explained, "With trade barriers strengthening mainly among major countries, diversifying export markets has become an important task, and responding to the slowdown in electric vehicle demand is also a critical issue," adding, "Considering the automobile industry's share in the national economy, the Presidential Office will support its continuous growth while assessing risk factors."
On the shipbuilding industry, he said, "It is one of the national strategic industries closely linked not only to downstream industries such as shipping and defense but also to upstream industries like steel," and added, "Chronic labor shortages and competition from countries like China are challenges to be addressed. We will continuously devise support measures to maintain the world's top competitiveness."
Both TFs will be directly led by Chief Sung. The Livelihood Price TF will be managed by the Economic and Financial Secretary, and the National Strategic Industry TF by the Industry Secretary. This is interpreted as the Presidential Office taking the lead in driving the TFs while further strengthening inter-ministerial collaboration.
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