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South Korea’s Yoon promises support to boost exports

The South Korean leader also vows to expand free trade agreements to the Middle East, Central and South America.

South Korean President Yoon Suk-yeol has renewed his pledge to focus government resources on boosting exports, saying in a speech that exports were and still are the basis of the country’s economy and employment.

The government will make every effort to make the country the world’s fifth-largest exporter by 2026, up from sixth last year, Yoon said on Monday.

The government “will help companies quickly resolve issues in exporting and winning contracts,” he said, adding that it will also significantly expand financial and administrative support for exporters.

South Korea is the world’s 10th largest economy and home to global suppliers of products ranging from computer memory chips to cars, ships and industrial machinery.

The government will also seek to expand its network of free trade agreements to the Middle East, Central and South America and Africa, Yoon said in his speech at a ceremony for the country’s annual trade day.

This year’s exports are likely to reach a record of more than $680 billion, compared to $644.4 billion last year, he added.

Since taking office, Yoon has repeatedly said his government will try to overcome slowing economic growth by boosting exports.

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Merry

Merry C. Vega is a highly respected and accomplished news author. She began her career as a journalist, covering local news for a small-town newspaper. She quickly gained a reputation for her thorough reporting and ability to uncover the truth.

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