Choi Sang-mok Economic Team Joint Statement "Appeal for Prompt Passage of Next Year's Budget, Financial Investment Tax, and Semiconductor Law"

Joint Briefing by Economic Ministries: "Managing the Economy as Stably as Possible"

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is speaking at the Economic Ministers' Meeting held for the first time after the cabinet members expressed their intention to resign on the 5th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Jo Yong-jun

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, stated on the 8th in a joint government statement, "The economic team will do its utmost to manage the economy as stably as possible." He appealed for the prompt passage in the National Assembly of key economic bills facing the risk of stalling, including next year's budget bill, which has passed its legal deadline, and the Semiconductor Special Act.

Following the failure of the impeachment vote against President Yoon Seok-yeol the previous day, which heightened political uncertainty and increased concerns among the public and the international community, the economic team led by Choi Sang-mok issued this position in a joint format with related ministries.

On the same day, Deputy Prime Minister Choi held a joint briefing with related ministries at the Government Complex Seoul and said, "No matter what situation arises, we will firmly maintain our external credibility without any wavering."

He added, "Although there have been various disturbances in the past, their impact on the economy was limited. This time as well, the government and the Bank of Korea are cooperating to take preemptive measures to respond to volatility in the financial and foreign exchange markets. South Korea's economic system is robust, and the government's emergency response system is functioning well."

He continued, "Using the Economic Relations Ministers' Meeting as the control tower, related agencies are closely cooperating through the Macroeconomic and Financial Issues Meeting and the Pan-Ministerial Economic and Financial Situation Inspection Task Force. If necessary, we will mobilize all available means according to situation-specific response plans to take bold and swift actions," he emphasized.

Regarding growing concerns that the economic shockwaves from the current situation will be enormous, he stressed, "We will actively communicate with overseas investors and the international community to inform them of our economic situation and government response to increase understanding."

To this end, he stated, "We will meet directly with international credit rating agencies, dispatch international financial cooperation envoys to international organizations and major countries, and hold briefings on the Korean economy for overseas investors."

Concerning the upcoming launch of the second Trump administration next month, he promised, "We must respond to external uncertainties arising from the inauguration of the new U.S. government and stabilize people's livelihoods. We will not miss the golden time that determines the fate of our industries."

He added, "Last month, at the Industrial Competitiveness Enhancement Ministers' Meeting, we prepared measures to strengthen the competitiveness of the semiconductor ecosystem and expand AI computing infrastructure. Soon, we plan to prepare measures to enhance competitiveness in shipbuilding, aviation and maritime logistics, and petrochemical industries."

To promote key livelihood and economic policies, he said, "We will faithfully implement the customized support enhancement plan for small business owners announced last week, and ensure that financial support measures under review by the banking sector are prepared within this year. Furthermore, we will soon prepare tailored livelihood stabilization support plans for vulnerable groups such as low-income earners, youth, and middle-aged and elderly workers."

Deputy Prime Minister Choi also appealed for the passage of next year's budget bill, which has already passed its legal deadline, and the Semiconductor Act to support advanced industries.

He requested the National Assembly's cooperation, saying, "Please promptly finalize next year's budget bill, which includes the highest-ever level of support for small business owners, expanded livelihood benefits, and senior job projects, so that it can be executed normally from early next year. The abolition of the financial investment income tax to protect domestic investors and reduce uncertainty in the capital market, as well as discussions on the Semiconductor Special Act to help our companies survive the global semiconductor war, can no longer be delayed."