Acting president vows to address biz uncertainties amid political turmoil

Acting President Choi Sang-mok on Friday pledged to make efforts to maintain South Korea’s export momentum and address uncertainties for businesses stemming partly from the ongoing domestic political instability.

Choi made the remarks during a meeting with representatives from business organizations, expressing gratitude for their role in achieving record export performance last year despite significant challenges, according to the Ministry of Economy and Finance.

South Korea’s exports rose 8.2 percent on-year to reach a new annual high of US$683.8 billion in 2024, surpassing the previous record of $683.6 billion set in 2022.

“The South Korean economy, which has been experiencing a sluggish recovery in domestic consumption, is facing unprecedented uncertainties,” Choi said.

Choi added he understands that the business community has “great concerns” amid uncertainties, including the launch of a new U.S. administration, as well as “unstable domestic political situations.”

“The government plans to devise systematic response strategies to address uncertainties in the trade environment, including the launch of a new U.S. administration,” Choi said.

“The government will also introduce tailored measures to revitalize exports and investments,” he added.

The acting president further pledged to provide state support for research and development projects in key industries such as artificial intelligence and biohealth. He also vowed to eliminate unnecessary regulations to foster new growth engines for the economy.

Choi has been serving as acting president since Friday, following the National Assembly’s vote to impeach then acting President and Prime Minister Han Duck-soo, who was suspended less than two weeks after assuming the interim leadership role from President Yoon Suk Yeol on Dec. 14.