After a week away on a diplomatic tour,... President Moon Jae-in is refocusing his attention on some pending issues at home.
Speaking on the current difficult economic situation,… he pointed to signs of improvement,… but admitted a number of sectors are still struggling.
Shin Se-min reports.
A reality check by the president on the economy.
President Moon Jae-in, during a weekly meeting said that with a gloomy outlook for the global economy,... Korea is extremely vulnerable.
Despite some positive signs in certain sectors,… the president singled out manufacturing,… Korea's economic foundation, and admitted that efforts by the administration, like the regulatory sandbox and smart cities, have done little to help revive that industry.
"The global manufacturing sector in general is facing difficulties due to the economic slowdown, but we can't blame only external factors. The issue is that the competitiveness of our manufacturing industry is falling behind. Revitalizing the manufacturing sector is the way to revive our economy."
The president then ordered additional measures customized for different industries... to help drive sales of electric and fuel cell vehicles and help local carmakers and their respective suppliers.
The president also called for efforts to boost non-memory semiconductors,... this, he said, would help balance out development in both conventional and innovative manufacturing.
Also during the meeting,... the Cabinet approved another pressing issue facing the nation -- public spending to help create jobs and boost innovation-led growth,… a program that will reduce the tax burden on the working class.
It will also make it easier for companies to get tax credits if they employ women who had previously quit their jobs because of maternity and marriage.
The finance ministry expects that with the change,... spending in that area could reach some 41-point-8 billion U.S. dollars this year,... up from 37 billion last year.
"With the government giving an okay to tax expenditures for job creation and innovation,... the hope is to not only alleviate the burden on many workers,... but also to bring stay-at-home moms back into the workplaces,... eventually to help better the working conditions to many Koreans.
Shin Se-min, Arirang News."
