South Korea plans to put in place measures that boost economic recovery and growth through structural reforms, Deputy Prime Minister Koo Yun-cheol said at the Economic Relations Ministers' Meeting on Wednesday.
Koo noted that nominal gross domestic product rose 26.4% in the second quarter on an on-year basis, which was the fastest growth in 47 years, while employment increased by 184,000 in August.
Koo expects that it'll be faster to achieve a per capita gross national income of $40,000, it said.
The government plans to announce steel industry upgrade measures in the fourth quarter, focusing on AI-driven manufacturing, high-value-added specialty steel and hydrogen-based steelmaking. The country will also ease regulations on Knowledge Industry Centers, including allowing broader tenant eligibility and converting vacant units into public rental housing, the filing said.
Authorities plan to carry out intensive inspections targeting fraudulent activities, such as manipulating export figures to secure new stock listings, policy-based financial support, or government subsidies; passing off low-cost imports as domestic products; and making fraudulent deliveries in public procurement, it said.