South Korea's finance minister Tuesday called for businesses to expand investment and employment in order to help break the cycle of a prolonged low growth trend confronting the country's economy.

"I expect today's meeting will serve as a chance to have sincere and productive discussions that could lead to preemptive investment and expanded employment, eventually cutting the low growth trend," Finance Minister Hyun Oh-seok told heads of the country's major business lobby groups.

The meeting held in central Seoul was also attended by chiefs of the country's tax agencies and financial authorities.

The call for more investment and job creation comes as South Korea's economy is feared to lose its growth momentum. The country's gross domestic product grew less than 1 percent for the past eight straight quarters.

Hyun said that "the economic recovery that we actually feel is not underway in full swing and the overall external market conditions remain uncertain." He added that the government will do its best to put an end to the low growth trend in the second half.

He noted the government and the business community need to cooperate like "two wheels of a cart," calling for more investment from companies and at the same time promising to "actively" create an investment-friendly environment.

Business leaders voiced concerns over worsening market conditions. They also called for the government to refrain from pushing for measures that could excessively restrict overall corporate activities.

"Our economy is in a very difficult situation," said Huh Chang-soo, the chairman of the Federation of Korean Industries.

"In order for companies to regain their self confidence, they need an improved management environment... Investment sentiment could improve if the legislative move to excessively restrain business activities is further slowing down," he added. (Yonhap News)