South Korea’s Acting President Choi Sang-mok has called for a unified effort in parliament to approve an extra budget aimed at boosting trade and sustaining economic momentum. Emphasizing the importance of proactive financial measures, Choi highlighted the role of strategic investments in ensuring South Korea remains a competitive player in the global marketplace.

 

“I hope that parliament reaches an agreement on the fundamental principles regarding the supplementary budget as soon as possible,” said Choi, who also serves as the country’s finance minister.

 

Discussions on additional economic measures gained traction following remarks from Kweon Seong-dong, the floor leader of the ruling People Power Party, who signaled openness to further budget discussions. This aligns with a proposal from the opposition Democratic Party, which has suggested an extra budget of at least 30 trillion won ($20.65 billion) to strengthen key industries and trade capabilities.

 

South Korea, Asia’s fourth-largest economy, demonstrated marginal growth in the final quarter of 2024, underscoring the need for forward-thinking fiscal strategies. With economic expansion projected to moderate to 1.6% or 1.7% in 2025 from 2.0% the previous year, policymakers and economists alike are advocating for strategic trade initiatives to enhance global market presence.

 

In addition to domestic fiscal policies, Choi emphasized the government’s commitment to expanding South Korea’s international trade partnerships. The government is preparing support measures for domestic firms and actively pursuing export market diversification to drive sustainable growth.

 

A key focus will be on enhancing South Korea’s biopharmaceutical sector and manufacturing capabilities, ensuring firms can seamlessly connect with global supply chains and export markets. Choi reaffirmed the government’s dedication to fostering trade partnerships and strengthening the nation’s role in the evolving global economy.

 

As South Korea implements these economic and trade strategies, policymakers remain committed to reinforcing international collaborations and ensuring long-term economic prosperity.

 

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