Finance Minister Koo Yun-cheol speaks at a meeting with executives of major conglomerates at the Government Complex Seoul, Thursday. Courtesy of Ministry of Economy and Finance
Finance Minister Koo Yun-cheol on Friday urged Korea's business leaders to continue efforts to innovate and find new growth engines to support the country's economic growth in the face of industrial paradigm shifts, such as artificial intelligence transformation.
Koo made the call in a meeting with the executives of major conglomerates, including Samsung Group, LG Group, Hyundai Motor Group, SK hynix, and Hanwha Ocean, according to the Ministry of Finance and Economy.
"Despite worsening external conditions, including the conflict in the Middle East, our economy posted preliminary real gross domestic product growth of 1.7 percent in the first quarter compared with the previous three months. This is the fastest quarterly growth in 5 1/2 years," Koo said, attributing the strong performance to efforts put in by private industries.
"I hope our companies can continue innovation and make a leap forward as global leaders, rather than resting on their recent achievements, so that new growth engines, akin to the semiconductor industry, can emerge," he added.
With the global industrial paradigm shifting, the finance chief stressed that now is the time for the country to expand overall economic size by developing top-tier products and services. He pledged the government will push for regulatory reform and devise support measures to energize corporate investment.
He also addressed concerns over certain instances where companies have sought to secure profits "in ways that may not be viewed as desirable by the public," urging that companies should once again demonstrate the innovative and entrepreneurial spirit they have shown in the past.
Source: Korea Times News
