Choi Sang-mok "Economic Sentiment Still Difficult... Announcement of '2nd Social Mobility Measures'"

Government Economic Ministers' Meeting Held

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, stated, "Next month, we will prepare the '2nd Social Mobility Improvement Plan' to promote economic activities among vulnerable groups such as youth, women, and middle-aged individuals."

In his opening remarks at the Economic Ministers' Meeting held at the Government Seoul Office on the 16th, Deputy Prime Minister Choi said, "We will conduct a more detailed examination of employment conditions by sector and actively implement countermeasures in sectors facing significant difficulties."

He added, "Although key indicators such as the employment rate and economic activity participation rate recorded all-time highs in the September employment trends, the number of workers in the construction industry has decreased, and difficulties among vulnerable groups like youth continue. We will improve the treatment of skilled workers to attract new personnel to the construction industry and expand employment education for young people."

According to the September employment trends announced by Statistics Korea on the same day, the increase in the number of employed persons aged 15 and over last month was 144,000, marking the third consecutive month of increases in the 100,000 range. Compared to the early-year trend exceeding 300,000, the employment market has significantly slowed, with employment conditions worsening notably in the construction and wholesale and retail sectors.

Regarding the economic situation, Deputy Prime Minister Choi said, "Although constraints on domestic demand such as inflation and financial cost burdens are gradually easing, the perceived economy remains difficult. We will accelerate the execution of sector-specific domestic demand recovery measures, including corporate investment, construction investment, and private consumption, which were prepared earlier this month."

Following a recent meeting with the heads of six major economic organizations, he also announced plans to visit corporate investment sites on the 17th. Deputy Prime Minister Choi emphasized, "I will visit the frontlines of the economy to listen to voices and continuously supplement domestic demand and livelihood tasks. I will actively support and closely assist to inject vitality into industrial investment."

At the meeting, discussions were held on the progress of semiconductor ecosystem support measures, strengthening protection and remedies for startup innovative technologies, and the 4th Basic Plan for Radio Promotion.

The government announced that it will support the semiconductor industry with 8.8 trillion won by next year, expand the scope of technology protection to the negotiation stage before transaction contracts to prevent startups from losing innovative technologies during their growth ladder process, and significantly strengthen sanctions against technology theft.