Shulou(Shulou.com)11/24 Report--

CTOnews.com, February 5, according to Yonhap news agency, South Korea's Ministry of Industry, Trade and Resources held an emergency economic executive meeting and export investment countermeasure meeting on February 3 to discuss and issue cross-sectoral support plans for expanding exports and investment.

The South Korean government will provide trade finance totaling 360 trillion won (currently about 1.97 trillion yuan) and help exporters obtain overseas certification as part of its efforts to boost the country's export output against a macro backdrop of the deepening global recession.

The Ministry of Industry pointed out that it plans to invest 100 trillion won (currently about 548 billion yuan) in 10 major South Korean manufacturing industries, including chips, the same as last year. They believe that weak global demand for Korean-made chips will not recover-at least not in the first half of this year.

Currently, semiconductors account for about 1/5 of South Korea's total outbound shipments. The Ministry of Trade, Industry and Energy said 2/3 of this year's budget for export promotion would be completed ahead of schedule by July to better cope with the highly expected six months of difficult economic conditions.

According to reports, South Korean enterprises in various industries plan to invest 47 trillion won in semiconductors, 16 trillion won in cars, 14 trillion won in monitors, 8 trillion won in batteries, 4.8 trillion won in steel, 4 trillion won in petrochemistry and 2 trillion won in shipbuilding.

In addition, South Korea will also provide 81 trillion won in manufacturing facility investment and R & D financing. Efforts will continue to attract at least $30 billion in foreign direct investment.

Li Zhangyang, minister of trade, industry and energy at Tuyuan Pexels, said the government would stimulate investment in facilities and research and development to strengthen the capacity of local exporters. "relevant economic ministries will mobilize efforts to help government policy support to achieve tangible results in the first half of this year," he said. " "our efforts will help achieve a rapid recovery in the second half of the year, a period of less uncertainty in the global economy. The semiconductor industry is expected to improve then." CTOnews.com found that South Korea's trade deficit hit a record high of $12.69 billion in January, with officials saying a surge in energy imports and a collapse in exports led to a deficit for the 10th month in a row.

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