South Korea will work to create a favorable business environment to support economic growth while addressing structural challenges, such as stagnant productivity, the finance minister said Wednesday.
Finance Minister Lee Hyoung-il made the remarks during a meeting with representatives of South Korea's six major business lobbies, including SK Group Chairman Chey Tae-won, who heads the Korea Chamber of Commerce and Industry.
"Recently, the South Korean economy has gained growth momentum despite a challenging economic environment, driven by the global semiconductor upcycle," Lee said in his opening remarks.
"However, structural challenges, such as a shrinking working-age population and stagnant productivity, have weakened growth potential, while disparities across various areas persist amid growing pressures on people's livelihoods, including rising consumer prices," Lee added.
Lee said the government will listen closely to businesses and work with the private sector to deliver tangible results with its policies.
"If businesses continue to identify the hurdles they face and make recommendations to the government, we will coordinate with relevant ministries to promptly address them," the finance minister said.
Lee said the government's three-megaproject initiative, which centers on developing the artificial intelligence industry, will encourage forward-looking investment.
The policymaker added the government will spur innovation and revitalize the country's business environment by lifting unnecessary regulations.
During the meeting, representatives of the business lobbies asked the government to ensure necessary support, including permits and infrastructure, is provided in line with companies' investment schedules. (Yonhap)
