MOCIE Minister, ¡°Exports are worrisome¡±

¡°Along with weak competitiveness of local firms¡¯ technology development, next year¡¯s exports are worrisome,¡± Minister of Commerce, Industry and Energy Kim Young-Ho said on July 10th.

In a press conference, Minister Kim expressed his concerns by saying, ¡°Local firms look like donkeys saddled with heavy burden. Without building up competitiveness of local firms, gloomy pictures will inevitably be drawn for the next year¡¯s exports and trade account balance.¡±

¡°Primarily hit by financial problems or difficulties in raising funds, the domestic firms cannot afford to fully invest in research and development,¡± claimed Minister Kim. And he noted, ¡°With insufficient R&D investment, it is hard to expect enhanced export competitiveness.¡±

Lee Myung-Jai mjlee@donga.com