Seoul:South Korea is committed to fostering a favorable business environment to support economic growth while tackling structural challenges, according to the country's finance minister.

According to Yonhap News Agency, Finance Minister Lee Hyoung-il emphasized these goals during a meeting with representatives from South Korea's six major business lobbies, including SK Group Chairman Chey Tae-won, who leads the Korea Chamber of Commerce and Industry (KCCI).

Minister Lee noted that the South Korean economy has recently gained momentum despite a challenging global economic environment, largely due to the global semiconductor upcycle. However, he acknowledged ongoing structural challenges, such as a shrinking working-age population and stagnant productivity, which have weakened growth potential and exacerbated disparities. Rising consumer prices also add pressure on people's livelihoods.

He assured that the government would closely collaborate with businesses to deliver tangible policy results. He urged businesses to identify hurdles and make recommendations, promising to coordinate with relevant ministries to address these issues promptly.

Furthermore, Lee highlighted the government's three-megaproject initiative focused on developing the artificial intelligence (AI) industry, which aims to stimulate forward-looking investment. He also mentioned plans to spur innovation and revitalize the business environment by removing unnecessary regulations.

Business representatives at the meeting requested the government provide essential support, such as permits and infrastructure, to align with companies' investment schedules.