Deputy Prime Minister Choo Kyung-ho meets with Moody's Annual Consultative Group

Moody's, an international credit rating agency, held its annual consultations in South Korea for three days from April 3 to April 5, starting with Deputy Prime Minister Choo Kyung-ho's courtesy visit on April 3. 

Choo explained Moody's issues of interest, including (1) the trends and prospects of our economy, (2) the 2023 economic policy direction for "overcoming the crisis" and "revitalizing the economy," and (3) the impact on financial markets due to the recent global banking crisis. He predicted that the ROK economy will gradually recover after the second half of the year. He explained that the South Korean government is announcing measures to stimulate domestic demand to support the recovery of consumption and tourism, and to promote business investment by strengthening tax support. He also emphasized policy efforts to expand the mid- to long-term growth potential of the ROK economy, such as establishing a sound fiscal stance such as legislating fiscal rules, operating the Public-Private Joint Regulatory Innovation TF, implementing the three major structural reforms such as labor, education, and pensions, and promoting the New Growth 4.0 strategy. 

Moody's expressed interest in the mid- to long-term industry prospects and strategies of the Korean government and related industries in response to the Semiconductor Act (CHIPs Act) and the Inflation Reduction Act (IRA). Choo noted that the impact and uncertainty that the recent actions of the US government will have on our industry have been largely resolved, and said that he will continue to consult with the US government. He said that large-scale investments are being made by Korean semiconductor companies, and the government will support them from various aspects such as taxation, location, infrastructure, and manpower training to support them.

Ministry of Strategy and Finance presents 2030 advisory group policy proposal

On March 28, the Ministry of Strategy and Finance held the "Ministry of Strategy and Finance 2030 Advisory Group Policy Proposal Presentation" presided over by Vice Minister Bang Ki-seon at the public communication space in the annex of the Government Complex Seoul.  For the past four months, the advisory group has been autonomously selecting detailed tasks for each of the four divisions of jobs, housing, assets, education, and welfare, and preparing policy proposals after prior consultation with expert mentors in each division. Bang said, “In order to expand opportunities for youth participation from the policy design stage, the advisory group presented and shared specific policy proposals prepared and developed by themselves. Novel and realistic policy ideas from young people with diverse careers and expertise are expected.”

The Jobs Subcommittee proposed policy tasks to revitalize youth employment, such as establishing a hub for fostering food tech in rural areas and revitalizing local youth entrepreneurship. The Housing and Assets Division proposed policies to strengthen youth financial education and supplement the functions of the safe charter app. The Education and Welfare Subcommittee presented ideas to promote the use of the Tomorrow Learning Card in non-metropolitan areas and to improve community-led youth jobs projects. 

Bang said, “I was impressed by the novel proposals that contained the sincere concerns and expertise of the youth. We will seriously review the potential ideas proposed today and refine them to develop them into good policies.”