Finance Minister Choo Kyung-ho said Thursday the government plans to maintain its policy goal to tame inflation while making efforts to address imminent challenges to maintain economic growth.
"We plan to solidify our policy drive to tame inflation and stabilize macroeconomics by rolling out consistent and predictable policies," Choo said during an event to commemorate the 60th anniversary of South Korea's five-year economic development plan launched in 1962.
The finance minister said while it is notable that South Korea has emerged as an advanced economy by rolling out a series of economic development plans since the 1960s, the country nevertheless faces challenges amid geopolitical tensions, climate change and a reshuffle of the global supply chain.
"South Korea plans to make efforts to diversify export items and markets, also focus on winning more projects overseas," Choo said. "We will beef up the competitiveness of the export sector so that outbound shipments can quickly rebound when the global economy improves."
South Korea's exports fell 16.1 percent on-year in the first 20 days of May due to a prolonged slump in the global chip industry, data showed earlier this week, with the country's outbound shipments set to lose ground for the seventh consecutive month.
Choo said South Korea will revamp its regulations to meet global standards and expand investment in research and development projects in the cutting-edge technology sector for private-sector-led growth.
"Going forward, South Korea will share its history and confidence of economic development with developing nations, and become an economic leader that collaborates with the global community," the finance minister added.
Source: Yonhap News Agency