finance minister-biz lobby
S. Korea committed to cultivating favorable business environment
SEOUL, June 20 (Yonhap) -- South Korea's finance minister said Tuesday the government is committed to building a favorable business environment by revamping regulations and offering tax cuts as he asked local firms to proactively roll out investments.
Finance Minister Choo Kyung-ho made the remark during a meeting with officials from the Federation of Korean Industries (FKI), one of South Korea's biggest business lobbies that speaks for large companies, according to the Ministry of Economy and Finance.
"In general, exports remain challenging without signs of a sharp recovery in the economy," Choo said in his opening remarks, noting the government has been making efforts to ease regulations and taxation to pave the way for business activities.
Exports fell for the eighth consecutive month in May, decreasing 15.2 percent on-year. The decline came as exports of semiconductors, the country's key export item, sank 36.2 percent on falling demand.
The minister asked the companies to roll out aggressive investments and build up capabilities to lead the global market.
"Rather than the direct government's intervention or expenditures, it is the private sector that leads the South Korean economy and its future," Choo added, emphasizing the importance of the market system.
During the meeting, the FKI members urged the government to broaden tax support for local companies, overhaul regulations and expand assistance for the carbon neutrality initiative.
Choo said the government will proactively reflect the results of the discussion with the business groups.
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