A supplementary budget is necessary to tackle the many economic challenges the country faces.
That's coming from President Moon Jae-in during a meeting with his top aides, where he also called on the government and parliament to work together,… and promised greater support in promoting investment in the private sector.
Shin Semin reports
President Moon Jae-in expressed his deep regret over the rifts among political parties,... during an especially critical time when the country's economy is at stake.
During a weekly meeting with his top aides,... he said he hopes the parliament endorses the government-led budget plan, worth 5-point-8 billion U.S. dollars as soon as possible.
"Economy is all about timing. As the handling of the supplementary budget gets delayed, the burden on the people's lives and the economy will only expand."
The extra budget had been devised to tackle the worsening fine dust issue and give a boost to the slumping economy.
The president also called on the government to take greater responsibility in working to revive the country's economic revitalization,...
while hinting that his administration will also work to promote investment in the private sector.
"In particular the government will prioritize its support in nurturing three industries, system semiconductors, bio-health and future vehicles. Support for these policies will not be spared so they become the country's three pillars of new growth engines."
The president said government-led investments,... which lead the way in breathing life into the economy,... will have to expand into high-tech industries, to potentially create a "second venture boom."
On top of that,... the president referred to recent investment plans announced by the country's leading conglomerates SK Hynix and Samsung Electronics. He said that a boost in civilian investment is an important factor and ordered the government to create an investment climate.
"Despite a solid economic foundation,... there are multiple hurdles to overcome-- like waning investment, outbound shipments, and consumption. President Moon hopes to resolve these issues by uniting support from his government and the members of the parliament.
Shin Se-min, Arirang News."
