Deputy Prime Minister and Minister of Finance and Economy Lee Hyoung-il said the government will focus on nurturing the service industry as a new growth engine to follow semiconductors.
Lee made the remarks on the 14th while presiding over a joint meeting of the Emergency Economic Headquarters and economic ministers, which also served as the Service Industry Development Task Force, at the Government Complex Seoul. "We need a second and a third runner to lead growth alongside semiconductors," he said.
He also highlighted the growth momentum and strong job-creation effects of high value-added services, including K-content. Because these sectors employ many young workers and help revitalize regional economies, they can drive both economic growth and improvements in people's livelihoods, he said. "We will catch two rabbits at once — growth and livelihoods," Lee said, calling on the National Assembly to enact the Framework Act on Service Industry Development this year.
The government also plans to strengthen its policy response to easing polarization. "We have begun work on three core social policy areas — housing, jobs and financial support for low- and middle-income households," Lee said. "All ministries and state-funded research institutes will work together to draw up measures that the public can actually feel."
The meeting also discussed ways to disperse foreign tourists, who are concentrated in the Seoul metropolitan area, to other regions. The government plans to raise annual arrivals in five tourism zones — selected last month around Gimhae, Daegu, Cheongju, Yangyang and Muan airports — to 5 million by 2029. To that end, it will inject about 410 billion won ($290 million) in central and local government funds next year and review regulatory exemptions linked to a planned mega special zone bill. It will also pursue an artificial intelligence pilot project to ease transportation and language difficulties for foreign visitors.
The Korea Grand Festival, a nationwide discount event running from the 29th through Nov. 15, will offer a range of benefits to spur consumption. The discount rate on digital Onnuri gift certificates will rise to 10% from 7%, and a "win-win consumption lottery" will pay out a total of 1.7 billion won in prizes. Agricultural, livestock and fisheries products will be sold at discounts of up to 50%.
Separately, the government will announce on the 16th at 6 p.m. the 11th round of prices under its petroleum price ceiling system, which is in place to ease the burden of higher oil prices stemming from the war in the Middle East. The new prices take effect at midnight on the 17th.