Choi Sang-mok: "Economic Policy Will Be Pursued Through Ruling and Opposition Party Consultations Regardless of Political Situation"

Joint Press Conference of Deputy Prime Minister for Economy and Foreign Minister with Foreign Media

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is delivering opening remarks at the 'Joint Press Conference of the Deputy Prime Minister for Economic Affairs and the Minister of Foreign Affairs' held at the Press Center in Jung-gu, Seoul, on the 18th, alongside Cho Tae-yeol, Minister of Foreign Affairs.

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated on the 18th, "Economic policies are being pursued under the consultation of the ruling and opposition parties regardless of the political situation, as the budget bill and major tax laws were passed by the National Assembly on the 10th." This was a repeated message of stabilization sent to the international community, assuring that the economic impact of a series of political turmoil, including the declaration of martial law and the National Assembly's impeachment motion against President Yoon Seok-yeol, will be minimized.

In his opening remarks at a joint press briefing with the Minister of Foreign Affairs held at the Press Center that morning, Deputy Prime Minister Choi said, "Political uncertainties are also being resolved according to the procedures prescribed by the Constitution, and the uncertainty of the resolution process is easing."

He emphasized, "Although domestic political situations and the inauguration of the new U.S. administration have increased internal and external uncertainties, Korea's constitutional system, economic system, and emergency response system are functioning well to manage and mitigate these uncertainties."

He identified external credibility as the top priority for economic authorities. Deputy Prime Minister Choi stated, "We will focus on managing external credibility, continue operating a 24-hour monitoring system for financial and foreign exchange markets, strengthen incentives for foreign investment, and enhance the international community's understanding of Korea's robust economic fundamentals through events such as the Korea Economic Briefing."

Following the passage of the impeachment motion against President Yoon by the National Assembly on the 14th, the government announced plans to regularize ministerial meetings on foreign relations involving economic and diplomatic ministries and to establish a comprehensive external economic strategy.

Deputy Prime Minister Choi said, "We will prepare fundamental measures to strengthen industrial competitiveness that are resilient to internal and external conditions," adding, "We will expand the Industrial Competitiveness Enhancement Ministerial Meeting into a public-private joint meeting and continuously announce measures to improve competitiveness by industry, further strengthening efforts to improve domestic demand and public welfare."

He continued, "The KRW 673 trillion budget for next year will be executed immediately from January 1, and available resources such as public institutions, private investment, and policy finance will be fully mobilized for rapid execution in the first half of the year. Additionally, supplementary support measures for vulnerable groups will be prepared." The government plans to announce the '2025 Economic Policy Direction,' which concretizes these policies, within the year and will actively communicate with the National Assembly to ensure the passage of key economic and livelihood bills.

Deputy Prime Minister Choi emphasized, "Korea has faced similar political difficulties in the past, but each time, the constitutional system, economic system, and emergency response system operated to resolve political uncertainties and minimize economic impacts, demonstrating resilience. Although we are currently facing unexpected difficulties, I am confident that the sound and resilient economic system will quickly stabilize the situation."