Korea to set up 5-year national plan to bolster service industry

Finance Minister Choo Kyung-ho [Photo by Yonhap]

The Korean government will come up with a five-year national plan to bolster the country’s service industry competitiveness and related exports by March, 2023, as part of efforts to accelerate transition in the country’s export focus from the manufacturing sector to the service industry. It will also seek to enact the service industry development basic act pending for 11 years at the National Assembly and create a public-private taskforce co-led by Finance Minister Choo Kyung-ho and a private sector expert to discuss major policy agenda with a goal to improve deficit in the nation’s service account that was narrowed to $3.1 billion in 2021 from $26.8 billion in 2019.