Finance minister urges active response to global uncertainties

SEOUL, May 17 (Yonhap) -- South Korea's finance minister called on the government and companies Tuesday to cope with a range of external economic uncertainties aggressively and proactively in order to maintain sustainable growth. Presiding over a meeting of economic ministers, Finance Minister Yoon Jeung-hyun said competition between countries has become fiercer following the 2008 worldwide financial crisis, amid lingering global uncertainties. "Under such a circumstance, it is imperative for the government and the corporate sector to actively prevent unfavorable developments from adversely affecting the economy," he said. "Competitors are filing more antidumping actions, levying countervailing duties and engaging in intellectual property rights disputes. Countries are also competing aggressively in emerging markets." Such trends, the minister said, could hurt economic cooperation arrangements forged in the past, fueling uncertainties. South Korea, which relies heavily on overseas markets for economic growth, can be seriously affected if trade is hurt. Yoon also said that Seoul needs to do more to expand cooperative tie-ups with resource-rich Central Asian countries that have the potential to become leading contributors to economic growth down the road. "Compared to the Association of Southeast Asian Nations and India, which have free trade pacts with South Korea, there are few tie-up arrangements with Central Asian countries," Yoon said. "Because countries have the capability to provide fresh markets and provide vital resources to South Korea, there is a need to expand ties." Many countries in the region are taking steps to build up their industrial infrastructure that could become important markets for local construction companies. Central Asia has roughly 3.6 percent of the world's oil reserves, 6.9 percent of natural gas, and adequate uranium, gold and rare earth element resources.