Seoul, March 17: South Korea will expand foreign cooperation in nuclear energy and high-speed train systems as new growth engines for the future, the country’s top economic policymaker said today.
Finance Minister Yoon Jeung-hyun said in a meeting of senior officials earlier in the day that the country needs to shift its focus to more value-added areas from manufactured goods trading, construction and industrial plant exports in the past.
“We are to seek overseas tie-ups in such areas as atomic power generation, high-speed trains, private services in ‘green growth’ areas,” Yoon said.
The remarks came after Seoul secured a USD 20 billion deal to build four nuclear reactors for the United Arab Emirates (UAE) and is eying projects for fast-train services in Brazil and the United States.
“All available resources must be allocated to make sure the UAE project is a success, and to capitalize on what has been achieved with follow-up deals,” he said. In a separate meeting of key policymakers earlier in the day, Yoon predicted that the economy will continue to recover in the coming months, so the nation’s 5 percent annual growth target could be achieved this year.
“Currently, our economy is on a recovery path. We expect that the 5 percent growth target for this year could be achieved unless unexpected risks pop up,” he stressed.
“Still, there are concerns that the global economy might not be able to recover to pre-crisis levels. South Korea needs to create new growth engines, bolster domestic demand and sustain its exports to grow faster after the end of the crisis,” he added.
-PTI