Finance Minister and Deputy Prime Minister Ku Yoon-cheol stated that the possibility of achieving a per capita gross national income (GNI) of $40,000 this year has increased. He emphasized the need to design policies that allow citizens to feel the economic recovery and to strengthen the growth foundation through structural innovation in key industries such as steel.
During a meeting on economic relations and structural innovation held at the Government Complex in Seoul on September 10, Ku noted, "The recovery of our economy is becoming more evident," adding that the second quarter's nominal GDP increased by 26.4% compared to the same period last year, marking the highest growth rate in 47 years.
He also highlighted that employment in August rose by 184,000 compared to the same month last year, recovering to an increase in the late 100,000s for the first time since the Middle East war. Furthermore, he pointed out that the household income survey for the second quarter showed improvements across all income levels, particularly among lower-income groups.
Ku explained that global credit rating agencies Moody's and Fitch have positively assessed the fiscal soundness of next year's budget and future growth investment plans based on the solid growth of the Korean economy.
"The government will not rest on these economic indicators," Ku stated, pledging to accelerate growth and design policies that citizens can feel. He added that efforts to improve the economic structure through structural innovation will be strengthened to solidify the foundation for growth.
The government plans to announce a plan for the advancement of the steel industry in the fourth quarter. Key components will include innovations in manufacturing processes based on artificial intelligence (AI), expansion of high-value-added products such as special steel, and a low-carbon transition centered on hydrogen reduction steelmaking. Plans for the advancement of other key industries, such as petrochemicals, will also be discussed sequentially.
To address vacancies and unsold units in knowledge industry centers, the government will pursue regulatory improvements. Ku stated, "We will actively create demand through public projects, such as converting vacant and unsold knowledge industry centers into public rental housing for youth and newlyweds."
The regulations on business types for occupancy will be completely overhauled, shifting from a system that only allows previously listed industries to one that permits all industries except for restricted ones. This aims to encourage the entry of various new industries in line with changes in sectors like AI and convergence.
In terms of sales management, the government plans to prohibit the installation of sales promotion offices before the approval of recruitment announcements to prevent false and exaggerated advertising. Additionally, the practice of "splitting sales rights"—selling shares of sales rights to multiple parties before obtaining building usage approval—will also be banned.
The government will enhance its response to trade-based financial crimes that manipulate import and export performance or origins to unjustly receive government support. This includes focusing on the manipulation of export performance aimed at new listings and policy financing support, as well as disguising low-priced imports as domestic products for public procurement.
The government plans to expand information sharing among relevant ministries, including the Ministry of SMEs and Startups, the Public Procurement Service, and the Korea Customs Service, and establish a cross-ministerial collaboration system to connect inspection results with follow-up actions and regulatory improvements.
During the meeting, plans for financial support for the '2027 World Youth Conference' to be held in Seoul next summer were also discussed. With an expected participation of over 1 million domestic and international youth, the government will prepare for safety management and immigration and transportation responses, as well as support cultural events and experiential programs to promote Korean culture.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.