The government has decided to expand and reorganize the industrial competitiveness enhancement ministerial meeting into a public-private joint meeting to enhance the enforceability of policies for each industry. Additionally, it plans to announce next year's economic policy direction, which includes measures to enhance external credibility and address trade environment uncertainties, by the end of the year.
Choi Sang-mok, Deputy Prime Minister and Minister of Strategy and Finance, held an emergency economic ministerial meeting on the afternoon of the 15th, explaining that “the domestic political situation and the inauguration of a new U.S. government are heightening uncertainties surrounding our economy” and that measures to prevent economic sentiment from weakening will be included in the economic policy direction.
Specifically, he explained that next year's economic policy direction would include four policies: enhancing external credibility, addressing trade environment uncertainties, strengthening industrial competitiveness, and reinforcing policy efforts for public welfare stabilization.
Deputy Prime Minister Choi first noted regarding the enhancement of external credibility, “We will actively explain our economic situation and response efforts to the international community by holding a Korea economic briefing (IR) and dispatching ambassadors for international finance and international investment cooperation,” and added, “We will drastically strengthen incentives for foreign investment.”
Regarding uncertainties in the trade environment, he said, “We will regularize the 'ministerial meeting on foreign relations,' involving both economic and diplomatic departments, to review economic cooperation, trade issues, and supply chain stability, and respond immediately.” The ministerial meeting on foreign relations is attended by ministers from the Ministry of Strategy and Finance, the Ministry of Foreign Affairs, and the Ministry of Trade, Industry and Energy.
Deputy Prime Minister Choi also said, “We will expand and reorganize the ‘industrial competitiveness enhancement ministerial meeting’ into a public-private joint meeting to enhance the enforceability of policies and countermeasures for each industry,” adding, “We will also devise measures to increase the competitiveness in sectors such as semiconductors, aviation, shipping and logistics, petrochemicals, and construction.”
Regarding public welfare stabilization policies, he mentioned, “We will swiftly finalize next year’s budget allocation, including pre-fiscal year allocations, so that the budget passed by the National Assembly can be executed immediately from the first day of the new year,” adding, “We will soon announce plans for the prompt execution of financial resources for the first half of next year through fiscal resources, public institutions, and private investment.”
Choi also noted, “We will seek stable management measures for our economy in communication with the National Assembly, and I will sincerely convey the voices of the industry to ensure that bills that will determine the future of our industries, such as the Semiconductor Special Act, Artificial Intelligence (AI) Basic Act, and Electricity Grid Special Act, are processed as much as possible within the year.”
Finally, Deputy Prime Minister Choi stated, “Our economy is once again on trial,” adding, “If the people and corporations trust the strength of our economy and continue their economic activities as usual, we can overcome difficulties once again. The government will do its utmost to support and be with the people and business people in everyday life and in the field.”