Deputy Prime Minister and Minister of Finance and Economy Lee Hyung-il met with leaders of six economic organizations on October 7 and stated, "When the government and the private sector work together to find solutions on the ground, policies can lead to tangible results."
During the meeting, which served as a gathering for the six economic organization leaders and a public-private partnership for corporate innovation, Lee acknowledged that while the South Korean economy is experiencing growth due to the global semiconductor boom, structural issues such as a declining working-age population, falling potential growth rates, and sectoral polarization persist.
He emphasized that "the real changes felt by businesses start from the voices on the ground," explaining that he has incorporated improvement tasks into the 'field-centered corporate investment and innovation support measures' to address these challenges.
Lee also mentioned plans to expedite the approval process for a 4 trillion won investment project aimed at converting an internal combustion engine plant in Ulsan to focus on electric vehicles, reducing the current three-year timeline to within one year. Additionally, he noted that based on actual corporate requests, the government will allow integrated orders for electrical and telecommunications work during semiconductor fabrication plant installations to support rapid expansion.
Looking ahead, Lee expressed his commitment to policies aimed at boosting potential growth rates and alleviating polarization, stating, "We will promote proactive large-scale future investments through three major mega-projects and resolve on-site obstacles that hinder corporate investment to create a vibrant and innovative business environment." He added that resources and policy tools will be mobilized to address key social policy areas that significantly impact citizens' lives, including housing, jobs, and financial support for the underprivileged. He particularly emphasized support for the youth, who represent the future of the country.
* This article has been translated by AI.
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