South Korea’s Yoon vows full policy support to boost exports

SEOUL (Reuters) – South Korean President Yoon Suk-yeol renewed his pledge to focus all government resources on boosting exports, saying in a speech on Monday that exports had been and still were the basis for the country’s economy and employment.

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

The government “will help companies find swift resolution of difficulties in undertaking exports and winning contracts,” he said, adding it would also significantly expand financial and administrative support for exporters.

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

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

This year’s exports would likely reach a record exceeding $680 billion, compared with $644.4 billion set last year, he added.

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

(Reporting by Choonsik Yoo; Editing by Jacqueline Wong and Bradley Perrett)