ID :
190847
Fri, 06/24/2011 - 12:17
Auther :
Shortlink :
https://oananews.org//node/190847
The shortlink copeid
S. Korea to boost service sector through opening: minister
SEOUL, June 24 (Yonhap) -- South Korea will lower "protective barriers" between industries through market opening in a bid to strengthen their competitiveness and enhance the nation's overall economic fundamentals, the top economic policymaker said Friday.
In his meeting with other policymakers to discuss trade issues, Finance Minister Bahk Jae-wan also vowed to enlarge the nation's economic territory by establishing a so-called global free trade agreement (FTA) network.
"The government will plan to strengthen competitiveness and enhance the economic fundamentals by lowering industrial protective barriers between education, medical and tourism service sectors," Bahk said at the meeting.
"Also, by establishing a global FTA network that will lower intra-country barriers, we will extend our economy outward," he added.
His remarks are interpreted as a push to accelerate the development of the nation's service sector by boosting competition through opening the market to the outside.
South Korea's service sector has been regarded as an area whose advance is stymied by regulations on market entry. The government has been working to develop the service sector in a bid to generate jobs and strengthen the domestic demand base.
Bahk said the FTA with the European Union (EU), which will go into effect on July 1, should be used as a chance to advance the nation's industrial structure by opening such service sectors as legal, taxation and accounting.
He expressed concerns over the nation's heavy reliance on exports for growth, saying that boosting domestic demand is important for the nation's economy.
Touching on the global economic situations, Bahk said uncertainty has been growing due to possible economic slowdowns in the U.S. and Chinese economies and prolonged worries over fiscal debt in Europe. He urged government officials to fully prepare for any risk factors that could hurt the nation's economy.
kokobj@yna.co.kr
In his meeting with other policymakers to discuss trade issues, Finance Minister Bahk Jae-wan also vowed to enlarge the nation's economic territory by establishing a so-called global free trade agreement (FTA) network.
"The government will plan to strengthen competitiveness and enhance the economic fundamentals by lowering industrial protective barriers between education, medical and tourism service sectors," Bahk said at the meeting.
"Also, by establishing a global FTA network that will lower intra-country barriers, we will extend our economy outward," he added.
His remarks are interpreted as a push to accelerate the development of the nation's service sector by boosting competition through opening the market to the outside.
South Korea's service sector has been regarded as an area whose advance is stymied by regulations on market entry. The government has been working to develop the service sector in a bid to generate jobs and strengthen the domestic demand base.
Bahk said the FTA with the European Union (EU), which will go into effect on July 1, should be used as a chance to advance the nation's industrial structure by opening such service sectors as legal, taxation and accounting.
He expressed concerns over the nation's heavy reliance on exports for growth, saying that boosting domestic demand is important for the nation's economy.
Touching on the global economic situations, Bahk said uncertainty has been growing due to possible economic slowdowns in the U.S. and Chinese economies and prolonged worries over fiscal debt in Europe. He urged government officials to fully prepare for any risk factors that could hurt the nation's economy.
kokobj@yna.co.kr
