Emergency Ministerial Meeting on Economic Affairs and Meeting on Export and Investment Promotion
Deputy Prime Minister Kyungho Choo convened the Emergency Ministerial Meeting on Economic Affairs and Meeting on Export and Investment Promotion at the Government Complex-Seoul on November 15 to discuss: 1) Measures to facilitate youth employment in the labor market 2) Next generation leadership strategies for the K-shipbuilding industry 3) Plans to establish supply chains for green shipping fuels and 4) Tasks for transformation into a data economy.
The following is a summary of DPM Choo’s remarks.
In October, the employment rate of Korea reached a record high of 63.3% and the unemployment rate hit an all-time low of 2.1%. The employment rate has continued to remain strong as that of the late twenties marks the highest level for 22 consecutive months. However, considering that some young people still face challenges in finding desired jobs or remain outside the labor market, the government is committed to further strengthen prompt support and proactive measures in each stage of studying, working, and job-seeking to assist them in finding better employment opportunities.
To this end, youth internship programs will be significantly expanded in both the private and public sectors (48 thousand in 2023 → 74 thousand in 2024) while assisting the young to increase their adaptability in the workplace by providing training programs for communication or collaboration skills. Along with it, efforts will continue to support young people not to give up their job-seeking endeavors through the ‘youth growth project’. Furthermore, specialized programs will be boldly implemented to support vulnerable youth in their independence and social activities, which includes self-care allowances for those who are caring their families and projects to assist isolated youth.
The government is also committed to further enhance the competitiveness of Korea’s key industries. Above all, approximately 710 billion won will be invested by 2028 for securing unrivaled technologies and advanced manufacturing systems, aiming to take early lead in the next generation shipbuilding market. Not only that, in order to achieve the green transition in shipbuilding and shipping markets, it will proactively supply more than 25% of the domestic demand for green shipping fuels like LNG and methanol to Ulsan Port by 2027, and relax regulations on fuel injection methods and procedures.
Lastly, the government will strive to accelerate the country’s transformation into a data economy by creating an ecosystem for private-driven data transactions such as the establishment of precise mapping data platforms or brokerage platforms for AI learning data, and swiftly push forward initiatives including MyData pioneer projects in the medical sector starting from 2024.
Please refer to the attached files.