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S. Korea to minimize impact of offshore financial jitters

All News 17:14 January 19, 2017

SEJONG, Jan. 19 (Yonhap) -- A senior finance ministry official pledged Thursday to minimize the impact of offshore financial jitters on the South Korean economy as Seoul is working out details of its economic policy directions for this year.

Vice Finance Minister Choi Sang-mok also said in a meeting with economic experts that the government will use all means necessary to win as many orders as possible in overseas infrastructure projects.

S. Korea to minimize impact of offshore financial jitters - 1

The experts said South Korea should take advantage of an oil price hike in boosting exports and bagging overseas orders.

Winning overseas orders for construction and industrial plants has long been a key source of income for South Korea. Still, some builders have clinched lower-priced deals due to heated competition among South Korean companies in recent years, a practice that squeezes margins.

"We will take preemptive steps against external crises and make the most of new opportunities," Choi said.

South Korea -- a small open economy -- heavily depends on exports and foreign capital investment, a situation that makes Seoul more vulnerable to external shocks.

The finance ministry plans to announce details of its overseas economic policy directions next Thursday.

S. Korea to minimize impact of offshore financial jitters - 2


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