[THE INVESTOR] The Tourism Ministry and Korea’s largest business lobby group signed a memorandum of understanding on July 4 to boost domestic tourism and strengthen the competitiveness of the local tourism industry, officials said.

The move came as the number of outbound travelers has been on the rise in recent years, a trend that has contributed to the country’s tourism deficit.

The Federation of Korean Industries, which speaks for Korean conglomerates, signed an MOU with the ministry at a Seoul hotel, according to FKI officials.

Kim Jong-deok, minister of culture, sports and tourism, said that the two sides will come up with measures to enhance the competitiveness of the tourism industry.

He also said he hopes that member companies of the FKI will encourage their employees to tour the nation instead of foreign countries.

The FKI said it will actively cooperate with the ministry to encourage those who seek to travel abroad to tour Korea instead as boosting domestic tourism could play a positive role in reviving the economy.

The FKI and the ministry are set to hold a meeting on July 7 to discuss ways to gain a competitive edge in the culture and tourism industry.

The number of outbound travelers came to more than 8.8 million in the first five months of this year, up 13.9 percent from a year earlier, according to data compiled by the ministry.

The country’s tourism deficit stood at US$1.4 million in the first five months of this year, continuing the negative trend for more than 15 years.

(theinvestor@heraldcorp.com)