South Korea’s Yoon pledges full political support to boost exports. From Health & Fitness Journal

©Health & Fitness Journal. FILE PHOTO: South Korean President Yoon Suk-yeol speaks during an interview with Health & Fitness Journal in Seoul, South Korea November 28, 2022. REUTERS/Daewoung Kim

SEOUL (Health & Fitness Journal) – South Korean President Yoon Suk-yeol renewed his pledge to focus all government resources on boosting exports, saying in a speech Monday that exports have been and still are the foundation of the country’s economy and jobs be.

The government will do whatever it takes to make the country the world’s fifth-largest exporter by 2026, up from sixth last year, he said.

The government “will help companies quickly resolve difficulties in conducting exports and win contracts,” he said, adding that it would also greatly expand financial and administrative support for exporters.

South Korea is the 10th largest economy in the world and home to global suppliers of products ranging from computer memory chips and ships to automobiles and industrial machinery.

The government will also seek to expand its network of free trade agreements to the Middle East, Central and South America and Africa, Yoon said in a speech at a ceremony marking the country’s annual Trade Day.

This year’s exports are likely to hit a record above $680 billion compared to $644.4 billion last year, he added.

Since taking office, Yoon has repeatedly said his government will try to overcome slowing economic growth by boosting exports.