Korea’s industry minister on Feb. 7 called for manufacturers to focus on the quality of their growth as the sector is expected to suffer from a global economic slowdown this year.
Minister of Trade, Industry and Energy Sung Yun-mo made the remarks at a meeting with heads of local economic institutes earlier in the day.
Korea’s exports are facing sluggish growth this year mainly due to external factors, such as a trade dispute between the United States and China, a global slowdown and a decline in oil prices, Sung told the meeting.
“However, it is time to look back on whether the manufacturing sector put too much focus on expanding quantity, rather than pursuing a high-quality growth model,” the policymaker said.
The government will set up a task force to reinvigorate exports by the end of this month, Sung said.
Korea’s outbound shipments declined 5.8 percent in January from a year earlier, hit by weaker performances by chips and petrochemical goods.
Total exports came to US$46.3 billion last month, down from US$49.2 billion posted a year earlier, according to official data.
By Ram Garikipati and newswires (firstname.lastname@example.org)