KOREAN NET

The Ministry of Economy and Finance on Oct. 2 announced the plan "Domestic Economy, Inspection and Direction of Response" at a meeting of economy-related ministers. Shown on Sept. 29 is the cabbage section of a hypermarket in Seoul. (Yonhap News)

By Lee Kyung Mi

A meeting of economy-related ministers has decided to examine the domestic economy and stimulate consumption.

The Ministry of Economy and Finance on Oct. 2 announced sector-specific measures to revive domestic demand at the talks chaired by Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok at Government Complex-Seoul.

"Exports in September hit USD 58.8 billion, the highest this year and a record high for September, showing a plus trend for the 12th consecutive month," the minister said. "But consumption is recovering relatively slowly, so we will accelerate recovery through customized solutions for each sector."

To stabilize perceived food prices, the ministry will first release government stock of agricultural, livestock and marine products.

For example, 6,000 tons of available reserves of cabbage, whose price has skyrocketed, will be shipped early and 4,000 will be imported. Tariff-rate quotas, or lower customs on a certain volume of imported goods for a designated period, for cabbage, radish, carrots and imported fruit will also be extended through year's end.

To promote consumption of durable goods, electric vehicle subsidies for families with more than one child from next month will be raised to KRW 1 million for two children, KRW 2 million for three and KRW 3 million for four.

To spur recovery in investment by raising the related capacity of companies, a temporary tax break to reduce select costs of corporate facility investment will stay in effect until next year for small and medium enterprises and companies of middle standing.

km137426@korea.kr