ID :
195711
Tue, 07/19/2011 - 06:57
Auther :
Shortlink :
https://oananews.org//node/195711
The shortlink copeid
S. Korea needs to nurture service sector to become advanced nation: minister
SEOUL, July 19 (Yonhap) -- South Korea needs to nurture its service sector if it wants to join the ranks of advanced nations as it is facing intensifying competition in the manufacturing area, the top economic policymaker said Tuesday.
"In order to surmount the last hill before joining the ranks of advanced countries, it is necessary to upgrade our economic and industrial structures by strengthening the competitiveness of the service industry," Finance Minister Bahk Jae-wan said at a policy meeting.
He said that South Korea boasts of many global leaders in the chipmaking, automaking and shipbuilding sectors, but there are few to mention in the service area.
At a time when the country is facing tough competition from such latecomers as China and Southeast Asian countries in the manufacturing sector, it is important for South Korea to strengthen the competitiveness of its service sector, the minister said.
His remarks come as South Korea is faced with increasing competition as its free trade agreement (FTA) with the European Union (EU) came into effect early this month.
The deal removes or lowers trade barriers with one of the largest markets in the world, and also calls for South Korea to open its service sector markets such as law, accounting and tax businesses to the outside world.
Bahk noted the FTA with the EU is the first of its kind to fully open the nation's service sector to the outside, saying that Korea should take the free trade pact as an opportunity to strengthen its service-sector competitiveness to survive in the overseas markets.
"In order to surmount the last hill before joining the ranks of advanced countries, it is necessary to upgrade our economic and industrial structures by strengthening the competitiveness of the service industry," Finance Minister Bahk Jae-wan said at a policy meeting.
He said that South Korea boasts of many global leaders in the chipmaking, automaking and shipbuilding sectors, but there are few to mention in the service area.
At a time when the country is facing tough competition from such latecomers as China and Southeast Asian countries in the manufacturing sector, it is important for South Korea to strengthen the competitiveness of its service sector, the minister said.
His remarks come as South Korea is faced with increasing competition as its free trade agreement (FTA) with the European Union (EU) came into effect early this month.
The deal removes or lowers trade barriers with one of the largest markets in the world, and also calls for South Korea to open its service sector markets such as law, accounting and tax businesses to the outside world.
Bahk noted the FTA with the EU is the first of its kind to fully open the nation's service sector to the outside, saying that Korea should take the free trade pact as an opportunity to strengthen its service-sector competitiveness to survive in the overseas markets.
