Finance minister promises digital platform for exporters

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Finance minister promises digital platform for exporters

Korea will provide full support to better serve exporters with a digital platform in the latest move to boost outbound shipments, the country’s chief economic policymaker said Monday.

Finance Minister Hong Nam-ki said a digital trade support platform will help exporters in export procedures such as contracts, customs clearance and logistics.

Korea’s exports fell 11.7 percent on-year to $44.7 billion in September, extending their on-year decline to a 10th consecutive month due to weak prices of semiconductors and the yearlong trade row between the United States and China.

Outbound shipments of chips declined 31.5 percent on-year to $8.5 billion in September, dealing a blow to Korea, as semiconductors account for one-fifth of its exports.

Hong also said the government will speed up the spread of eco-friendly vehicles and put in place a system and infrastructure for fully self-driving vehicles.

In January, Korea said it will increase the number of hydrogen fuel cell electric vehicles to about 80,000 units by 2022 as part of a broader effort to boost the hydrogen economy.

A hydrogen fuel cell electric car only releases water vapor as it converts stored hydrogen into electricity to turn the motor.

Global carmakers have been racing to go eco-friendly amid tightened regulations on emissions of greenhouse gases, which scientists say are to blame for global warming.

Hong also said the government will set up a movie planning and development center.


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