Seoul: The recent negotiations with the United States over its tariff strategy have highlighted the urgent necessity for South Korea to cultivate a "super-innovative economy" to enhance its global competitiveness, stated Seoul's finance chief.

According to Yonhap News Agency, Finance Minister Koo Yun-cheol, during his first meeting with senior ministry officials since taking office in mid-July, stressed the significance of establishing the foundation for an economy that can withstand both domestic and global challenges. The discussions with the U.S., which concluded with a tariff agreement last Thursday, resulted in the U.S. imposing a 15 percent tariff on South Korean imports, reduced from the initially threatened 25 percent, in return for South Korea's commitment to invest US$350 billion in the U.S.

Koo outlined the necessity of pinpointing key strategic sectors, like artificial intelligence (AI), and leveraging all available resources to reinforce the global competitiveness of South Korean firms, aiming for "genuine growth." He committed to fostering a more business-friendly environment by alleviating regulations and implementing supportive measures for the private sector.

Additionally, Koo directed officials to thoroughly prepare for follow-up negotiations on the tariff scheme and rapidly formulate counterstrategies to mitigate potential industry-specific impacts, as reported by the ministry.