Hyun urges business leaders to increase investment

South Korea’s finance minister Thursday called on local business leaders to beef up investment and employment to help invigorate domestic demand and the fragile recovery of the overall economy.

Deputy Prime Minister and Finance Minister Hyun Oh-seok made the request during a meeting with CEOs and top officials of the country’s 30 largest business groups in Seoul amid worries that April’s deadly ferry disaster is affecting consumer sentiment and putting brakes on the economic recovery.

“Investment and employment should be expanded if we are to get over the difficult situation following the Sewol ferry accident,” Hyun said.

“I ask you to carry on your usual business activities, including expanding investment and employing workers.”

The impact of the ferry accident, which left more than 300 people dead or missing, is not widespread in the economy, Hyun said, but the retail and the service sectors in particular are slowing down amid public mourning over the disaster.

The top priority at this moment is to “get the frozen economy back to normal,” he said, calling on the business leaders to resume any canceled or suspended marketing plans, and also make efforts to bolster the sluggish consumption. (Yonhap)