This undated file photo shows the sign of the Ministry of Trade, Industry and Energy. (Image courtesy of Yonhap)
SEOUL, May 16 (Korea Bizwire) — South Korea’s industry ministry said Thursday it plans to make proactive efforts to help manufacturing firms roll out planned investments without delay amid looming challenges in the business environment.
The announcement came amid growing uncertainties in the market, including prolonged monetary tightening, which may have an adverse impact on business activities, according to the Ministry of Trade, Industry and Energy.
According to ministry data, South Korea’s top 10 manufacturing industries, including semiconductors, automobiles, displays and batteries, fulfilled 96 percent of their investment pledge of 100 trillion won (US$73.9 billion) in 2023.
In the January-March period of this year, the ministry said local businesses have implemented 20 percent of their investment commitments, totaling 110 trillion won.
The government said it plans to expand incentives for businesses rolling out investments and address their difficulties.
“The business environment for South Korean firms remains challenging,” First Vice Industry Minister Kang Kyung-sung said during a meeting with local firms.
“The government plans to create an environment that enables companies to invest on time by addressing their challenges and preparing investment incentives through the extension of tax cut deadlines,” Kang added.
(Yonhap)
