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37503
Fri, 12/26/2008 - 11:19
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http://m.oananews.org//node/37503
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Gov't sets 2009 export target at US$450 bln
By Lee Joon-seung
SEOUL, Dec. 26 (Yonhap) -- The government said Friday it will try to modestly increase exports in 2009 by implementing a full range of support measures despite a deepening global economic recession.
In a policy report to President Lee Myung-bak, the Ministry of Knowledge Economy
said it is aiming to achieve exports of US$450 billion next year, up from the
$420 billion expected for 2008 but sharply down from its earlier goal of $500
billion.
The ministry expected the nation's trade surplus to reach $10 billion in 2009
thanks to a sharp drop in imports and a turnaround from a trade deficit of more
than $10 billion for this year.
"Most optimistic predictions by think tanks and trade experts place the country's
export total at around $430 billion for the new year," Vice Minister Rim Che-min
said in a briefing. "However, the number may go up if the government increases
funds that can be used for export insurance and overseas shipment guarantees."
According to the ministry, the government will increase funds for insurance and
guaranteed coverage to 170 trillion won (US$132 billion) in 2009 from 130
trillion won set aside this year.
Steps will also be taken to boost oversees marketing efforts in places like the
United States to help South Korean companies increase their overseas sales.
A total of 19.5 trillion won will also be allocated for infrastructure projects
to help attain an economic growth rate of 3 percent, while an additional $12.5
billion won will be earmarked to attract foreign direct investment.
The ministry also said it is reviewing plans to help domestic carmakers cope with
a drop in sales and deal with a liquidity crunch that is rocking many companies
in the United States and Europe.
At present, Hyundai Motor Co. and Kia Motors Corp. -- the country's leading
automakers -- have not been seriously hurt by the liquidity crunch, but GM Daewoo
Auto & Technology Co., Renault Samsung Motors Corp. and Ssangyong Motor Co. are
all experiencing difficulties and have temporarily halted production.
"No detailed plans have been drawn that would call for public funds to be poured
into specific industries or companies," said a ministry official. "But measures
are underway to look into problems faced by carmakers to see what kind of help
may be needed."
SEOUL, Dec. 26 (Yonhap) -- The government said Friday it will try to modestly increase exports in 2009 by implementing a full range of support measures despite a deepening global economic recession.
In a policy report to President Lee Myung-bak, the Ministry of Knowledge Economy
said it is aiming to achieve exports of US$450 billion next year, up from the
$420 billion expected for 2008 but sharply down from its earlier goal of $500
billion.
The ministry expected the nation's trade surplus to reach $10 billion in 2009
thanks to a sharp drop in imports and a turnaround from a trade deficit of more
than $10 billion for this year.
"Most optimistic predictions by think tanks and trade experts place the country's
export total at around $430 billion for the new year," Vice Minister Rim Che-min
said in a briefing. "However, the number may go up if the government increases
funds that can be used for export insurance and overseas shipment guarantees."
According to the ministry, the government will increase funds for insurance and
guaranteed coverage to 170 trillion won (US$132 billion) in 2009 from 130
trillion won set aside this year.
Steps will also be taken to boost oversees marketing efforts in places like the
United States to help South Korean companies increase their overseas sales.
A total of 19.5 trillion won will also be allocated for infrastructure projects
to help attain an economic growth rate of 3 percent, while an additional $12.5
billion won will be earmarked to attract foreign direct investment.
The ministry also said it is reviewing plans to help domestic carmakers cope with
a drop in sales and deal with a liquidity crunch that is rocking many companies
in the United States and Europe.
At present, Hyundai Motor Co. and Kia Motors Corp. -- the country's leading
automakers -- have not been seriously hurt by the liquidity crunch, but GM Daewoo
Auto & Technology Co., Renault Samsung Motors Corp. and Ssangyong Motor Co. are
all experiencing difficulties and have temporarily halted production.
"No detailed plans have been drawn that would call for public funds to be poured
into specific industries or companies," said a ministry official. "But measures
are underway to look into problems faced by carmakers to see what kind of help
may be needed."
