3rd Ministerial Meeting on the Economy in 2017

Deputy Prime Minister Yoo Il Ho presided over the 3rd Ministerial Meeting on the Economy on February 16, and discussed government’s 2017 framework for job creation, ways to increase export competitiveness of fishery and aquaculture products and plans to help develop the tourism industry. Deputy Prime Minister Yoo touched on the current economic situation at the beginning of the meeting.

The following is a summary of Deputy Prime Minister Yoo’s keynote address:

Current Economic Situation

Although exports are expected to increase for the fourth consecutive month in February, weak consumer confidence due to internal and external uncertainties has been interfering in the recovery of domestic consumption. The government will step up efforts to boost domestic consumption and will announce measures to boost the real economy this month, which covers measures to improve confidence, increase household income and reduce basic necessities costs.

Job growth, which is most vital to domestic consumption, has been slowing due to falling manufacturing sector jobs, and the number of self-employed small businesses has been increasing, leading to concerns over deteriorating job markets.

We will address ways to promote investment and increase exports at a Meeting on Trade and Investment Promotion scheduled to be held this month.

2017 Framework for Job Creation

The government has been working on this year’s plan for job creation, and will give priority to job creation. We will work for industrial policies and investment-boosting measures to lead to employment. We will select 20 most efficient job creation projects from the energy, SW, construction, transportation and MICE[1] sectors, and focus on them. Action plans will be prepared in March, and the government will thoroughly review project performance every quarter.

Increase Export Competitiveness of Fishery and Aquaculture Products

Fish and seafood exports are increasing, and we will help the industry transform from a traditional one into an industry which has a promising future and creates more jobs. The government will help increase fish and seafood product exports to US $3.0 billion by 2018[2]: We will promote developing high value-added products and expanding export markets.

Promote private investment in raising high value added aquaculture products, such as farmed salmon and bluefin tuna

Build an industrial complex for fish and seafood products, which will be a center for R&D, processing and export

Expand markets to China, US and EU, and increase exports of high value added products

Help Develop Tourism Industry

The tourism industry creates about two folds of jobs compared with the manufacturing sector, and the government will help develop the industry.

Help meet the 2017 target of 18,000,000 foreign tourists: help upgrade tourism products and expand markets to Southeast Asian, the Middle East and Japan

Develop private tour packages as demand is increasing: packages to be diversified by age and country of origin

Increase online access to travel information and tour packages

Source: Ministry of Strategy and Finance

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