Chairing the Cabinet Meeting… Plan to Implement at Least One Measure for People’s Livelihood and Economy Every Week
(Seoul=Yonhap News) Reporter Hong Guk-gi – Acting President and Deputy Prime Minister Choi Sang-mok, who is also the Minister of Strategy and Finance, stated on the 4th, “Starting this week, the ‘First Quarter People’s Livelihood and Economy Response Plan’ will be fully launched.”
While presiding over the Cabinet meeting at the Government Complex in Seoul, Acting President Choi emphasized the importance of timely and appropriate policy effects swiftly permeating our economy to reinvigorate it amidst escalating economic uncertainties.
He noted, “The global tariff war is intensifying as the new U.S. Trump administration pulls the trigger on trade policies centered on its own interests,” and highlighted that Korean companies operating in Canada, Mexico, etc., are already facing impacts in sectors like automobiles, secondary batteries, and home appliances. He warned, “It’s unpredictable when and how our key export commodities like semiconductors and steel may be targeted.”
Citing the halt of a 15-month trend of ‘export plus’ and the increase in involuntary retirees for the first time in four years, he urged the government and the political community to be aware of the crisis and prepare a breakthrough for recovery.
He further explained, “We will inspect the state of the people’s economy weekly during the first quarter,” and committed to devising and swiftly implementing at least one meaningful improvement measure in core areas like employment, housing, finance for ordinary citizens, and sectoral responses to the tariff war every week.
Additionally, Acting President Choi stressed, “Although discussions on introducing the Special Semiconductor Law and additional fiscal input are ongoing at the parliamentary level, starting immediately won’t be sufficient to catch up with competing major countries and save the people’s livelihood,” urging for conclusions on handling major economic bills such as the Semiconductor Act and the three energy-related laws during the February regular session of the National Assembly.
He called on the cabinet ministers, stating, “Now that we are faced with numerous internal and external challenges, our roles and responsibilities are all the more significant,” urging them to swiftly explore measures that can be addressed at the departmental level and to focus on implementing them intensively during the first quarter.
Moreover, Acting President Choi mentioned, “As important as the recovery of the frozen people’s economy is the eradication of livelihood crimes,” announcing plans to hold a meeting soon to check on livelihood crimes and promptly take necessary actions.
He also requested support for the athletes through the Ministry of Culture, Sports and Tourism so that they can deliver their best performances at the 9th Winter Asian Games, to be held in Harbin, China, on February 7-8.
End of Report.