The First Crisis Management Meeting of 2013

The first Crisis Management Meeting of 2013 was held on January 8, 2013. At the meeting, major tasks for 2013 were discussed, including monitoring major industrial trends, plans to frontload the budget, and the operation plan for the Crisis Management Meeting.

Monitoring 2013 Major Industrial Trends

Minister Bahk presented the results of a report that looked into current trends and outlooks for 10 major industries, noting that this year, exports will somewhat improve, and the general machinery, semiconductors, and display sectors are expected to maintain their positive trends. The information technology equipment, petrochemistry and textiles sectors are all expected to improve as well. However, as there are concerns that exports may slow down in sectors that are highly competitive with Japan, such as automobiles, home electronic appliances, steel and textiles, the government will continue to carefully monitor the situation.

2013 Plans to Frontload the Budget

Minister Bahk reported that the 2013 budget proposal and tax reform proposal passed the National A

ssembly and emphasized that the government is doing everything possible to ensure that the budget is properly administered in order for projects to proceed according to plan, and that tax laws and regulations will be revised according to the recent legislation.

Moreover, Minister Bahk announced that 60% of the budget will be frontloaded in the first half of the year to actively respond to the recent economic slowdown. Specifically, Minister Bahk emphasized that the government would make an effort to administer more than 60% of the 99.4 trillion won allotted to projects that will generate broad public support, such as job support projects, SOC projects, and working class support projects.

Operation Plan for the Crisis Management Meeting in 2013

Minister Bahk announced that this year, a system will be established to check on major industry and sector trends every month in order to coordinate related policies. The Minister continued that the Crisis Management Meeting will focus on reviewing policies in terms of their implementation and the process of first introducing major policy issues at the Crisis Meeting Management will be institutionalized.

Minister Bahk Jaewan closed the meeting by requesting that related ministries actively develop policy tasks, work together to solve any differences in opinion and establish high quality policies.

Please refer to the attached PDF.



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