South Korean President Yoon Suk-yeol has renewed a pledge to focus government resources on boosting exports, saying in a speech that exports have been and still are the basis for the country’s economy and employment.
The government will do whatever it can to make the country the world’s fifth-largest exporter by 2026, up from sixth place last year, Yoon said on Monday.
The government “will help companies find swift resolution of difficulties in undertaking exports and winning contracts,” he said, adding it will also significantly expand financial and administrative support for exporters.
South Korea is the world’s 10th-largest economy and home to global suppliers of products ranging from computer memory chips to cars, ships and industrial machinery.
The government will also seek to expand its network of free-trade agreements into the Middle East, Central and South America, and Africa, Yoon said in his speech at a ceremony for the country’s annual Trade Day.
This year’s exports will likely reach a record exceeding $680bn, compared with $644.4bn last year, he added.
Since taking office, Yoon has repeatedly said his government will try to overcome slowing economic growth by boosting exports.