South Korea’s Finance Minister, Koo Yun‑cheol, told reporters on Sunday that the government will push harder to spur domestic spending as the country’s biggest shopping holiday opens on a record‑sized scale.
The Korea Grand Festival, South Korea’s answer to “Black Friday,” runs across the country on both online and offline channels from Wednesday until November 9. The Ministry of Economy and Finance reports that some 37,000 companies are lining up to offer customers deep discounts. Department‑store chains, discount guys, traditional markets, convenience stores, and several e‑commerce sites are all in the mix. Meanwhile, the state is rolling out a host of promotional events to encourage people to shop.
Minister Koo said private consumption has risen at the fastest rate in years. “This festival is set to lift the economy and give small business owners a boost,” he told reporters. He urged the public to join in, adding that the government will keep working on livelihood‑related policy measures and make necessary improvements.
Earlier that week, the government also unveiled a plan to boost recycling of critical minerals. The move comes as the country seeks to strengthen supply chains amid rising global uncertainty over raw‑material supplies. The initiative was announced at a supply‑chain meeting chaired by Finance Minister Koo, just as the Asia‑Pacific Economic Cooperation (APEC) summit in Gyeongju left a fresh sense of optimism. Koo said the summit outcomes could help secure South Korea’s supply‑chain stability.
Critical‑mineral recycling turns waste into the key raw materials needed for advanced tech industries. The domestic market is projected to grow from 6.7 trillion won ($4.7 billion) in 2024 to 21.1 trillion won by 2040. Yet high tech and capital costs have slowed private investment, with many firms unable to afford new plant or tech. To solve this, the government plans to lower tariffs on these materials—matching the zero‑tariff treatment used by Japan, the United States and the EU. It will also set up a joint council of public and private partners to spot promising recycling projects and provide direct investment through a supply‑chain‑stabilisation fund.
Regulations on transporting and storing recyclable material are being relaxed too. By re‑classifying some resources as “recyclable” rather than “waste,” the government expects to ease restrictions on distribution. A dedicated response team will also support rare‑earth supplies, promoting overseas resource development, technology that cuts rare‑earth use, and expanded public reserves.
By targeting a 20 percent recycling rate for ten critical minerals by 2030, South Korea hopes to secure clean‑tech supply lines and keep the economy moving forward. The government’s dual focus—on a big shopping event to lift private consumption and on critical‑mineral recycling to shore up supply chains—highlights its commitment to both people and industry.
Source: ianslive
Stay informed on all the latest news, real-time breaking news updates, and follow all the important headlines in world News on Latest NewsX. Follow us on social media Facebook, Twitter(X), Gettr and subscribe our Youtube Channel.
