The government will provide financial support for overseas construction and plant orders to shore up exports that are showing signs of weakening, Finance Minister Hong Nam-ki said Wednesday.

Global trade disputes and China's economic slowdown are casting a shadow on South Korea's export-reliant economy. Exports dropped 14.6 percent on-year in the first 20 days of January. 

"The government will actively offer financial support for firms to significantly increase their orders for overseas construction and plants this year," Hong told a meeting of economy-related ministers.

To prop up the economy, the government will develop state-owned land several times the size of the Yeouido financial district in Seoul, using it to build 22,000 homes and facilities for startups, Hong said.

The government will invest 16.8 trillion won ($14.8 billion) into the land development project by 2028, Hong said.

The measures are aimed at boosting domestic demand to offset sluggish exports, Hong said.

By the end of June, the government will spend 5.7 trillion won on building infrastructure for social welfare and step up efforts to ease off on unnecessary regulations, the minister said.

South Korea's economic growth weakened to its slowest in six years at 2.7 percent last year, the Bank of Korea said earlier this week.

However, the economy expanded 1 percent on a quarterly basis in the final quarter last year, boosted by government spending, according to the central bank. (Yonhap)