Seoul:<Text>

Finance Minister Koo Yun-cheol on Friday urged South Korea's business leaders to continue efforts to innovate and find new growth engines to support the country's economic growth in the face of industrial paradigm shifts, such as artificial intelligence transformation.

According to Yonhap News Agency, Koo made the call in a meeting with the executives of major conglomerates, including Samsung Group, LG Group, Hyundai Motor Group, SK hynix Co., and Hanwha Ocean Co. The Ministry of Finance and Economy reported that Koo emphasized the importance of adapting to changing industrial landscapes to ensure sustained economic progress.

"Despite worsening external conditions, including the conflict in the Middle East, our economy posted preliminary real gross domestic product growth of 1.7 percent in the first quarter compared with the previous three months. This is the fastest quarterly growth in 5 1/2 years," Koo noted, attributing the strong performance to efforts put in by private industries.

Koo expressed his hopes that South Korean companies would continue to innovate and strive to become global leaders, rather than resting on their recent achievements. He encouraged the emergence of new growth engines, akin to the semiconductor industry, which has been a significant contributor to the nation's economy.

With the global industrial paradigm shifting, the finance chief stressed that now is the time for the country to expand its overall economic size by developing top-tier products and services. Koo pledged that the government will push for regulatory reform and devise support measures to energize corporate investment.

He also addressed concerns over certain instances where companies have sought to secure profits "in ways that may not be viewed as desirable by the public," urging that companies should once again demonstrate the innovative and entrepreneurial spirit they have shown in the past.