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Gov't to release measures to boost exports, ICT sector
Source: http://www.arirang.com
Source Date: Wednesday, January 30, 2019
Focus: Electronic and Mobile Government
Country: Korea (Republic of)
Created: Jan 30, 2019

The South Korean government says it'll come up with measures by next month to revitalize Korean exports.

At a meeting held Wednesday, Finance Minister Hong Nam-ki said the country's exports for January like last month are expected to remain below the levels seen over the same period the previous year.

He cited falling prices of semiconductors, Korea's main export item, rising trade uncertainties stemming from China-U.S. trade disputes, and the slowing growth of the global economy as the main reasons. 

"Based on the meeting, the government is to release support measures next month tailored to exporting industries starting with the building of foreign plants, contents, and agricultural and fisheries products."

During the meeting, Hong also unveiled the government's plans to invest a combined 2.9-billion U.S. dollars this year in the ICT sector.

The government aims to increase the number of ICT-related jobs to more than 1.1-million in three years and boost ICT exports by 20-percent from last year to 264.3-billion dollars by 2022.

Korea's trade ministry is to release figures for the country's exports for January this Friday.

If a slump is confirmed it'll be the first time since 2016 that Korean exports see an on-year contraction for the second consecutive month.

Exports in December decreased by 12 percent.

Data released by Korea Customs Service last week showed the country's exports for the first 20 days of this month have shrunk by 14.6-percent compared to the same period last year to record 25.7-billion dollars.

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