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President Park to Focus on Economic Growth

Following her summer vacation, President Park Geun-hye is moving fast to facilitate the Korean economy and create jobs, the two key national agenda items in the second half of the year.

The president’s direction for economic stimulation became clear in a cabinet meeting early last month after her summer vacation. Her focus will be on facilitating the Korean economy in the second half of the year based on the national agenda and initiatives established in the first half.

President Park requested active economic facilitation measures through new changes and challenges. She stressed that all ministries and local governments should focus on investment promotion and job creation.

During her congratulatory speech on August 15, President also noted that policies in the second half of the year will emphasize economic growth and job creation to build an active country.

Detailed directions to activate the Korean economy followed. During a cabinet meeting last month, measures for the real estate market, which is experiencing a shortage of houses for rent, and traditional markets were discussed. The president also discussed customized employment measures for younger generations and three principles for next year’s budget in a meeting with her senior secretaries on August 20.

She also requested the legislation of laws for economic facilitation to the National Assembly. During a meeting with senior secretaries August 26, the president asked for cooperation to pass the revised Foreign Investment Promotion Act, which has been pending in the National Assembly.

President Park noted that the Foreign Investment Promotion Act and other investment-related laws are important to facilitate the economy, and asked for cooperation from lawmakers and Korean citizens.

The president’s focus on economic growth was also emphasized during meetings with the CEOs of the top ten Korean groups and representatives of small- and medium-sized enterprises.

During her luncheon meeting with the top ten groups, Park noted that economic democratization will not put unnecessary pressure on corporations and introduce excessive regulations, adding that revised commercial laws will be introduced after listening to various voices.

Park also requested that medium-sized companies play a leading role in attracting investment and creating jobs during a meeting with representatives of small- and medium-sized enterprises (SME), stressing her willingness to build a growth ladder for SMEs.

Support for the middle-class and a creative economy was discussed at a meeting of the National Economic Advisory Council, and the president emphasized that job creation is the core of building a strong middle class.

President Park plans to develop a virtuous cycle of investment facilitation and a creative economy, job creation and recovery of the middle class. Through deregulation and industry convergence, new jobs will be created to help low-income groups become part of the middle class and activate the Korean economy.

Source Text

Source: Newsis (Aug. 30, 2013)

** This article was translated from the Korean.

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