Korea’s new finance minister pledged Friday to improve the country’s trade competitiveness and target China’s consumer market to make it the world’s fifth-largest exporter.
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Finance Minister Yoo Il-ho (center) visits to the port of Pyeongtaek, one of the biggest maritime gateways on the west coast, on Friday. (Yonhap) |
“The team of new economic ministers will seek to pave the way for the country to become the global top 5 exporting country through industrial structure upgrading by discovering new markets and items,” Yoo Il-ho, deputy prime minister and minister of strategy and finance said Friday, during his on-site visit to the port of Pyeongtaek, one of the biggest maritime gateways on the west coast.
According to government data, the country was the sixth-largest exporter in the world last year with $440.1 billion in outbound shipments tallied in the first 10 months of the year.
Korea’s exports have suffered a major setback in 2015 as it fell for 12 months in a row throughout the year, dimming the outlook for an economic rebound of the country which generates about half its GDP from overseas shipments.
“We expect to see an unfavorable export environment this year again due to low oil prices and economic slowdown of major trading partners amid the persistent oversupply of our key sectors,” the minister, who took office Wednesday, said.
In order to realize the new goal suggested by Yoo without a clear timeline, the government will aggressively target the consumer market of China, Korea’s largest trading partner.
It will also expand network between governments and private sectors of other emerging economies such as India, Vietnam, Indonesia and the Latin American countries.
“By making full use of the Korea-China free trade agreement and China’s growth policy to boost consumption and service sectors, we will take the advantageous position in the Chinese consumption market which is valued at nearly $6 trillion,” Yoo said.
The minister also vowed to revamp industrial structure by converging Internet of Things and other information and communication technologies with the existing production facilities, shifting focus to high-end value-added products.
Meanwhile, the finance minister will visit China to attend the inauguration ceremony and the board of directors meeting of China-initiated Asian Infrastructure Investment Bank, slated for Sunday and Monday.
Korea is the fifth-largest shareholder among the 57 founding members of the AIIB with 3.81 percent of the voting rights.
During the two-day visit, Yoo plans to have bilateral meetings with his Chinese counterpart Lou Jiwei and AIIB president Jin Liqun, according to Korea’s Finance Ministry.
By Park Han-na (hnpark@heraldcorp.com)
