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South Korea's New Finance Minister Vows To Make The Country The Fifth Biggest Exporter, Will Lay The Foundation Needed

By January 16, 2016 at 3:30 am
South Korea's New Finance Minister Vows To Make The Country The Fifth Biggest Exporter, Will Lay The Foundation Needed (Photo : Chung Sung-Jun | Getty Images News)

South Korea's new Finance Minister Yoo Il-ho said that the country's new team of economic ministers will do their best to make South Korea the fifth-biggest exporter in the near future, according to a report from Yonhap News Agency.

Yoo and his team will do their best to lay the foundation needed to help the country achieve that status.

South Korea is considered as the sixth largest exporter in the world behind China, the United States, Germany, Japan and the Netherlands.

The country had achieved $440.1 billion in outbound shipments last year, which was tallied in the first 10 months of the year.

However, South Korea's exports, its key economic driver, fell for 12 months in a row throughout 2015.

The plunge in exports raised concerns that Asia's fourth-largest economy is losing its steam.

"We will face a difficult environment this year due to falling oil prices and an economic slowdown in our trade partners," Yoo said during his visit at the port of Pyeongtaek.

He adds, though, that the "new economic team will try to lay the stepping stone" for the country to become "the global top 5 exporting country."

Yoo plans to achieve this "by exploring new markets and new items and upgrading the industrial structure."

The Korean Herald reports that Yoo became South Korea's finance minister on Wednesday.

He visited Pyeongtaek, one of the biggest maritime gateways on the west coast, to show that he is determined to revive the country's exports.

The government said, in its 2016 policy plan released on Thursday, that it will focus on jump starting South Korea's economy.

They will try to achieve this by concentrating on fiscal spending to speed up the recovery of domestic demand and revive the sagging exports.

"I believe that we have opportunities to take the lead in tiding over challenges and the spirit to change the crisis into opportunities," Yoo said.

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