Choi Acting President "Lunar New Year Measures to Be Announced Soon... Ruling, Opposition, and Government Must Activate National Policy Consultative Body"

"Ruling, Opposition, and Government Leaders Join Forces to Activate National Policy Consultative Body"
"Launch of New US Administration, Key Variable for Our Economy"

Prime Minister and Acting President Choi Sang-mok, concurrently Minister of Economy and Finance, Kwon Young-se Emergency Response Committee Chairman (center), and Kwon Seong-dong Floor Leader (left), leaders of the People Power Party, are sitting down after taking a commemorative photo at the high-level party-government consultation held on the 8th at the National Assembly in Yeouido, Seoul. Photo by Yonhap News Agency

Choi Sang-mok, Acting President and Deputy Prime Minister as well as Minister of Strategy and Finance, said on the 8th, "We will soon announce the Lunar New Year holiday measures in consultation with the party."

At the 'High-level Party-Government Meeting for Emergency Economic Stabilization' held at the National Assembly that morning, Acting President Choi stated, "Recently, as the domestic and international uncertainties surrounding our economy have increased, there are growing concerns about downside risks to the economy and continued difficulties in the livelihood economy."

The Ministry of Strategy and Finance and related ministries are currently discussing designating either the 27th or 31st, which include the weekend and Lunar New Year holidays, as temporary holidays, and this announcement is also expected soon.

Acting President Choi explained, "The conditions surrounding our economy are severe," adding, "At times like this, it is important for the ruling and opposition parties and the government to come together and operate a national consultation body to unite efforts for livelihood, economic stability, and managing external credibility."

Acting President Choi also emphasized active response to economic changes following the inauguration of U.S. President-elect Donald Trump.

He said, "Changes in economic and trade policy directions following the launch of the new U.S. administration are expected to be key variables affecting our economy in the future," adding, "therefore, the government will focus its capabilities on strengthening trade competitiveness through weekly inter-ministerial joint meetings on external economic issues."

He continued, "We will establish response strategies for major issues such as tariff increases and the repeal of the Inflation Reduction Act (IRA), and diversify exports, investments, and supply chains," adding, "We will also discover cooperative agendas between Korea and the U.S., such as the shipbuilding cooperation package, and concentrate public-private external cooperation capabilities, placing emphasis on communication efforts with the new U.S. administration."

Acting President Choi stated that efforts will be focused on securing the stability of the financial market, noting, "Although recent financial markets have gradually seen reduced volatility, the situation still requires vigilance."

He added, "The government will respond boldly and swiftly if volatility expands through the Macroeconomic and Financial Issues Meeting (F4 meeting)," and "will also continuously pursue financial market advancement measures such as capital market value-up initiatives."