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Hwang renews vow to revitalize economy

All Headlines 18:00 January 04, 2017

SEOUL, Jan. 4 (Yonhap) -- Acting President and Prime Minister Hwang Kyo-ahn on Wednesday renewed his vow to mobilize all available resources to revitalize the economy suffering from weak exports and flaccid domestic consumption.

During a New Year's meeting with business leaders, Hwang also said that the government will try to quickly execute this year's budget earmarked for a series of state projects that would directly benefit regular citizens.

"While striving to actively cope with downside risks so as to stimulate growth, the government will push for measures to boost investment, consumption and other specific sectors," he said.

"By mobilizing all available fiscal and public sector resources, we will do our best to reinvigorate the economy."

Outlining policy priorities, Hwang said the government will focus on stabilizing the livelihoods of average citizens and pushing for structural reform to nurture new industries, secure future growth engines, and cope with increasingly stiff global industrial competition.

"The government will create a turning point for another economic leap forward by fostering new industries to cope with the fourth industrial revolution, restructuring industries and continuously expanding free trade agreements," he said.

The ongoing industrial revolution refers to the fast-paced transformation marked by the convergence of cutting-edge technologies such as artificial intelligence, big data and the Internet of Things.

To boost domestic demand and foster service industries, Hwang pledged to step up deregulatory efforts. Regarding this, he called for business circles' support for the passage of a set of pending bills aimed at strengthening the service industry and creating regulation-free zones.

The acting president, in addition, said that the government will encourage the public sector to hire more than 60,000 new employees and expand state support for women striving to find work-family balance and the socially vulnerable such as the disabled.


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