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Korea's economic policymakers vow to create more jobs, spur investment

South Korea's top economic leaders vowed on Wednesday that they will make concerted efforts to create quality jobs and stir up investment and innovation in the private sector.

Finance Minister Kim Dong-yeon, Fair Trade Commission Chairman Kim Sang-jo and presidential chief of staff for policy Jang Ha-sung had trilateral talks in Seoul earlier in the day, their first since the inauguration of President Moon Jae-in on May 10, according to the Ministry of Strategy and Finance.

The three policymakers discussed the current economic issues and economic policy road map of the Moon government.
 
Finance Minister Kim Dong-yeon (C), Fair Trade Commission (FTC) Chairman Kim Sang-jo (R) and presidential chief of staff for policy Jang Ha-sung (L) hold trilateral talks in Seoul on June 21, 2017. (Yonhap)
Finance Minister Kim Dong-yeon (C), Fair Trade Commission (FTC) Chairman Kim Sang-jo (R) and presidential chief of staff for policy Jang Ha-sung (L) hold trilateral talks in Seoul on June 21, 2017. (Yonhap)

They agreed that they will put their policy priority on job creation to ease the tightened job market and tackle worsening income equality.

Through fiscal and policy tools, including the proposed 11.2 trillion won supplementary budget, the government will help the public sector spearhead the job creation drive and encourage the business sector to follow suit.

"The Moon Jae-in government's economic team has to move in unison," said Finance Minister Kim who is double-hatted as the deputy prime minister for economic affairs. "When the Cabinet is completely formed, I and other ministers will check every detail of the economy."

Due to a political standoff in the National Assembly, most Cabinet posts are still vacant.

The head of the antitrust watchdog reaffirmed that he will never seek drastic change in corporate policies and work in concert with other ministries.

"The government should take coherent economic policies on market and business," said FTC Chairman Kim. "The FTC will take action in a prudent, rational, coherent and predictable way."

Jang, the presidential chief of staff, said that the new economic leaders will play a concerted role in handling important issues such as threatening household debt and the booming real estate market. (Yonhap)
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