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S. Korea vows to make efforts to bolster corporate investments: finance minister

All News 11:41 December 31, 2018

SEJONG, Dec. 31 (Yonhap) -- South Korea's finance minister vowed Monday that every effort will be made to help companies make investments in the new year as Seoul seeks to revitalize its economy.

The comments by Hong Nam-ki came as Asia's fourth-largest economy is struggling to create jobs and boost the economy.

This file photo shows jobseekers are looking for jobs at a job fair. (Yonhap)

The government has said it will speed up administrative procedures to ensure quick implementation of major corporate investments worth 6 trillion won (US$5.3 billion), including a 3.7 trillion-won project by Hyundai Motor Group to build a 105-story building in southern Seoul.

In 2014, Hyundai Motor Group, the world's fifth-largest carmaker by sales, purchased the land for its landmark building, though no significant progress has been made yet.

Hong also called for a social compromise on a number of unspecified issues, calling it a shortcut to inclusive growth.

South Korea has been divided on such issues as a minimum wage, working hours and deregulation.

The country's minimum wage is set to rise to 8,350 won next year, up 10.9 percent from 7,530 won in 2018, as part of President Moon Jae-in's income-led, or consumption-led, economic growth strategy. The wage jumped 16.4 percent on-year in 2018.


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