Seoul:President Lee Jae Myung has called for the establishment of an economic virtuous cycle that would utilize South Korea's recent export growth to stimulate domestic demand, benefiting both large corporations and smaller businesses.
According to Yonhap News Agency, President Lee issued this directive during a meeting with key aides, following the Bank of Korea's report of a record-high current account surplus exceeding US$60 billion in September, attributed to robust semiconductor exports. Additionally, South Korea's exports in October soared by 93.7 percent year-on-year, reaching $115.3 billion, marking the second-highest monthly figure in the nation's history.
President Lee emphasized the importance of transitioning from quantitative expansion to qualitative growth for the South Korean economy. He stressed the need for a national economic cycle where export growth leads to a revival in domestic demand, and the progress of specific industries and conglomerates extends to small and medium-sized enterprises and small merchants.
To support this goal, President Lee underscored the necessity of fostering new growth engines to achieve more sustainable economic development. He proposed that the government create a conducive environment for individuals with innovative ideas and skills to establish new businesses, with financial and administrative support to help promising startups enter the global market.
Additionally, President Lee instructed officials to implement measures to prevent cheating during the nationwide college entrance exam on November 19. This comes in light of recent incidents where candidates were caught using smart glasses with artificial intelligence to cheat on university entrance exams. The president called for special efforts to combat cheating with high-tech devices, urging comprehensive measures to tackle this issue.