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S. Korea eyes support for local companies in global infrastructure markets

All News 09:46 January 03, 2020

SEOUL, Jan. 3 (Yonhap) -- South Korea will provide financial support worth 1 trillion won (US$864 million) to local firms seeking to make inroads into global infrastructure markets, a senior finance ministry official said Friday.

Vice Finance Minister Kim Yong-beom said the government will ask state-run financial institutions, including the Export-Import Bank of Korea, to offer such support this year.

The government will also help local firms win infrastructure orders by providing financial help, Kim told a meeting of senior economic officials.

South Korea will start swiftly implementing its 2020 budget early this year to support the slowing economy, Kim said.

Vice Finance Minister Kim Yong-beom speaks at a meeting with senior economic officials on Jan. 3, 2020. (Yonhap)

According to the ministry, 71.4 percent of the state budget, which covers welfare and other fiscal spending, will be front-loaded for use during the January-June period.

The nation's economy is expected to grow 2.4 percent this year, following last year's estimated 2 percent expansion, on the back of an anticipated recovery in the memory chip sector and a series of policy measures.

Hit by a lengthy U.S.-China trade war and a cyclical slump in the memory chip sector, Korea's economy is poised to report its weakest annual growth in a decade last year.

As part of the government's initiative to boost the economy through investment, state-run institutions will expand next year's investment to 60 trillion won from 55 trillion won for this year.

kdh@yna.co.kr
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