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🇰🇷 South Korea /Economy & Trade

Koo Yoon-cheol meets business leaders, urges innovation for new industries

From Hankyoreh · (6m ago) Korean Positive tone

Translated from Korean, summarized and contextualized by DistantNews.

TLDR

  • Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol urged major Korean companies to innovate for the development of new industries.
  • He highlighted South Korea's surprisingly strong first-quarter GDP growth of 1.7%, largely driven by the semiconductor industry.
  • Koo stressed the need for companies to pursue global leadership through innovation rather than relying on past successes or questionable business practices.

South Korea's economy has shown a robust performance in the first quarter, exceeding expectations with a 1.7% GDP growth rate. Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol attributed this 'surprise growth' primarily to the booming semiconductor industry, marking the highest quarterly growth in five and a half years since the third quarter of 2020.

We must not rest on our current achievements, but rather strive to become globally leading, ultra-innovative companies so that second and third semiconductor industries can emerge in our economy. We must innovate and innovate again.

— Koo Yoon-cheolUrging Korean companies to pursue continuous innovation to foster new growth engines for the economy.

During a meeting with executives from major domestic corporations, Koo urged them to build upon this momentum by fostering innovation. He specifically called for the creation of "second and third semiconductor industries" to ensure sustained economic vitality. The Deputy Prime Minister emphasized that while current achievements are significant, companies must not become complacent. Instead, they should strive for global leadership through continuous innovation and the development of world-leading products and services.

Now is the time to grow the pie of our economy with world-leading products and services. Companies must demonstrate the innovative entrepreneurship they have shown in the past.

— Koo Yoon-cheolEmphasizing the need for companies to focus on creating value through innovation and superior products.

Koo also addressed the issue of corporate behavior, cautioning against practices that may be perceived as undesirable by the public. He stressed the importance of adapting to a changing industrial landscape, particularly with the rise of artificial intelligence (AI), and encouraged businesses to demonstrate the innovative spirit they are known for. The government, he assured, stands ready to provide comprehensive support, including financial, tax, and regulatory reforms, to bolster corporate investment and innovation efforts.

In times of crisis, our entrepreneurs are always a strong support. The government will mobilize all available means, including financial, tax, and regulatory innovation, to fully support companies' investment and innovation efforts.

— Koo Yoon-cheolReassuring businesses of the government's commitment to supporting their growth and innovation initiatives.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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