Sejong: Finance Minister Koo Yun-cheol announced on Wednesday that South Korea's economic recovery is becoming "more pronounced," attributing the improvement to active fiscal spending and enhanced policy management.

According to Yonhap News Agency, Koo made these remarks during a meeting of economy-related ministers held in Sejong. He highlighted that consumer spending is on the rise, driven by government initiatives like "consumption coupons," and noted that exports are also showing robust growth. "Our economy's recovery is becoming more pronounced," Koo stated.

Koo further stressed the government's commitment to extend the economic recovery beyond the greater Seoul metropolitan area. To achieve this, the government intends to amend national contracting and public procurement regulations, granting more autonomy to local governments to stimulate regional economies.

Additionally, the finance ministry reported that 26 major public institutions plan to increase their investments this year to 69 trillion won (US$47 billion), up from the initially planned 66 trillion won. The strategy includes significantly boosting the involvement of local construction firms in public projects, specifically within their regions.

To facilitate this, the government aims to broaden the criteria for region-restricted bidding. Currently applicable to projects valued at less than 8.8 billion won for public institutions and 10 billion won for local governments, this scope will be extended to include projects worth up to 15 billion won.