Finance minister pledges to create favorable biz environment amid challenges

Korea is committed to fostering a more favorable business environment to boost economic growth, according to Finance Minister Lee Hyoung-il. The minister spoke on Wednesday during a meeting with representatives from Korea's six major business organizations, including SK Group Chairman Chey Tae-won, who leads the Korea Chamber of Commerce and Industry (KCCI).

Recent economic data indicates the Korean economy has been experiencing growth despite a challenging environment, fueled by the global semiconductor boom. However, Lee cautioned that structural issues, such as an aging workforce and stagnant productivity, are hampering growth potential. The minister also highlighted persistent disparities across various sectors and the growing burden on citizens' livelihoods, including the rise in consumer prices.

Lee emphasized that the government will actively listen to businesses and collaborate with the private sector to implement policies that yield tangible results. He urged businesses to continue identifying challenges they face and provide recommendations to the government in response.