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THE INVESTOR
February 16, 2019
Big Reunion

Economy

Manufacturers urged to focus on quality of growth

  • PUBLISHED :February 07, 2019 - 14:56
  • UPDATED :February 07, 2019 - 14:56
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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 (ram@heraldcorp.com)

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