Transcript: Korea's finance minister addresses the economic impacts of martial law

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Transcript: Korea's finance minister addresses the economic impacts of martial law

Published: 08 Dec. 2024, 16:33

JIN EUN-SOO
[email protected]

Audio report: written by reporters, read by AI

Korean Finance Minister and Deputy Prime Minister Choi Sang-mok delivers a joint statement by the economy-related ministries underlining the government's commitment to stabilizing the country's economy following Tuesday's the emergency martial law declaration. [NEWS1]

Korean Finance Minister and Deputy Prime Minister Choi Sang-mok and Korea's economy-related ministries released a joint statement Sunday evening underlining the government's commitment to stabilizing the country's economy in the aftermath of President Yoon Suk Yeol's emergency martial law announcement on Tuesday.

The full transcript of Choi's joint statement is below:

Dear respected citizens,

I am Choi Sang-mok, deputy prime minister and minister of economy and finance.

Due to the recent domestic political situation, uncertainty in our economy is increasing, and people are also concerned about the economy.

I promise the people that I, as the deputy prime minister, will take the lead, and the economic team will make every effort to manage the economy as stably as possible.

Above all, external credibility is important. Regardless of the situation, we will firmly ensure that there is not even the slightest shake to our external credibility.

There have been various upheavals in the past. However, their impact on the economy was limited. This time, as well, the government and the Bank of Korea are cooperating to take pre-emptive measures to respond to volatility in financial and foreign exchange markets.

The economic system of the Republic of Korea is solid, and the government’s emergency response system is functioning well.

The government will not relax its vigilance, for even a moment, going forward.

Using the economy-related ministers’ meeting as the command center, meetings on macroeconomic and financial issues, interministerial economic and financial situation checks and task forces (TFs) are all closely cooperating with related institutions.

If necessary, we will take bold and swift action by mobilizing all available means, according to contingency response plans.

We will meticulously inspect all areas of the economy.

To enhance understanding of our economic situation and government responses, we will actively communicate with overseas investors and the international community.

To this end, we will directly meet with international credit rating agencies and dispatch ambassadors of international financial cooperation to international organizations and major countries.

We will also hold Korean economic briefings for overseas investors.

The government will do its part.

We must respond to external uncertainties caused by the launch of the new U.S. administration and stabilize livelihoods.

We will not miss the golden time that determines the fate of our industries.

Last month, at the minister-level meeting on strengthening industrial competitiveness, we prepared measures to enhance the competitiveness of the semiconductor ecosystem and expand AI computing infrastructure.

We also plan to prepare measures to strengthen competitiveness in the shipbuilding, aviation, shipping, logistics and petrochemical industries.

We will faithfully implement tailored support measures for small business owners announced by the government last week and ensure that financial support measures being reviewed by the banking sector are prepared within this year.

Furthermore, we will soon prepare tailored livelihood stabilization support measures for vulnerable groups, including low-income workers, youth and middle-aged and senior citizens.

Lastly, I appeal to the National Assembly.

To revive domestic demand, deliver warmth to vulnerable groups and help companies find their way amid the global industrial war. I earnestly urge you to handle economic issues promptly, regardless of political affiliation.

I request that you swiftly finalize the 2025 budget proposal, which includes record-high support for small business owners, expanded livelihood benefits and senior employment programs, so it can be implemented normally from the beginning of next year.

To protect domestic investors and reduce uncertainty in the capital markets, the abolition of the financial investment income tax is also urgent.

Korea’s special CHIPS Act, which is essential for our companies’ survival in the global semiconductor war, can no longer be delayed.

The government will actively cooperate with the National Assembly to achieve economic stability and secure external trust.

Dear people of Korea, our economy has had the strength to overcome even more difficult situations in the past.

At the center of overcoming crises were always people and businesses.

The secret to overcoming crises was that the people and businesses continued their economic activities as usual, no matter the situation.

The government will do its utmost to support citizens and businesspeople so that they can engage in economic activities with peace of mind.

As a servant for all citizens, we will take full responsibility for the people until the end.

Thank you.

BY JIN EUN-SOO [[email protected]]