Lee Hyungil: "Exports Expected to Surpass $1 Trillion for the First Time... $40,000 Per Capita Income in Sight" (Comprehensive)

Presiding Over Emergency Economic Headquarters Meeting and Economic Relations Ministers’ Meeting on October 1

"A Profound Sense of Responsibility; Forming a United Economic Team for Intensive Discussions"

Deputy Prime Minister and Minister of Finance and Economy Lee Hyung-il projected that this year's annual export performance will surpass $1 trillion for the first time ever.

On October 1, while presiding over the Emergency Economic Headquarters meeting and the Economic Ministers' Meeting held at the Government Complex Seoul, Lee stated, "Exports are expected to reach their highest monthly result ever in September," sharing this outlook.

Deputy Prime Minister and Minister of Finance and Economy Lee Hyung-il is speaking at the first Emergency Economic Headquarters meeting and Economic Ministers' Meeting held at the Government Complex Seoul in Jongno-gu, Seoul on October 1, 2026. Photo by Jo Yongjun

He commented, "Despite challenging external conditions, including the Middle East war, our economy is on a more solid growth path than ever before," adding, "With improvements in investment, consumption, and employment—albeit with some lag—we are now on track to achieve 3% growth this year and $40,000 per capita national income."

This meeting was the first Emergency Economic Headquarters meeting and Economic Ministers' Meeting chaired by Lee since taking office. According to the Ministry of Economy and Finance, the session was attended by high-ranking officials from 16 government ministries and agencies—including Yeo Gukwon, Chair of the Financial Services Commission—and key figures such as Lee Hanju, Chairman of the National Research Council for Economics, Humanities and Social Sciences.

Lee said, "I feel a great sense of responsibility presiding over my first Economic Ministers' Meeting since assuming office," pledging, "Together with the ministers and vice ministers present today, we will act as one economic team, engage in robust discussions, and concentrate our policy capacity on improving the lives of the people."

He continued, "In order for the Republic of Korea to stay on course, we must secure our sails even more firmly," and presented his plan to boost potential growth by executing large-scale investments focused on three major mega-projects and eliminating barriers to corporate investment.

He also emphasized restoring livelihoods on the basis of price stability, stating, "We will mobilize all available resources and policy tools for the three core areas of social policy—housing, jobs, and inclusive finance for ordinary citizens—to produce results that the public can truly feel, as quickly as possible."

Lee also underscored the need to assess and manage macroeconomic risks. He remarked, "At a time when the boom in semiconductors triggered by the AI transformation is intersecting with the policy shifts on monetary tightening among major economies caused by the Middle East war, we will closely monitor the potential impacts on both the financial and real economies and act preemptively in response."

Deputy Prime Minister and Minister of Finance and Economy Lee Hyungil is speaking at the first Emergency Economic Headquarters meeting and the meeting of ministers in charge of economic affairs held at the Government Seoul Building in Jongno-gu, Seoul on October 1, 2026. Photo by Jo Yongjun

At the meeting, the government discussed the "Second Field-Centric Corporate Investment and Innovation Support Plan."

To break through bottlenecks in investment and resolve on-site difficulties, the government will support corporate investment and innovation at the ground level. First, it will facilitate the swift execution of investment projects totaling 7.9 trillion won that are awaiting implementation due to delays, despite strong corporate demand. To capture leadership in the global electric vehicle market, the approval process for a 4 trillion won project to convert Ulsan’s internal combustion vehicle factories to electric vehicle production will be drastically shortened from the current three years to within one year. Additionally, a clean hydrogen power generation bidding market will be launched this month, and the evaluation system for bids will be improved, such as increasing the weighting for domestic ecosystem contributions, to promote approximately 3 trillion won in new investments in domestic clean hydrogen production and power generation facilities.

The foundation for an investment-friendly system focused on advanced and emerging industries will be strengthened. In order to gain an edge in the global race for semiconductors, the government will allow integrated procurement for electricity and communications works when installing semiconductor fabs, thereby accelerating fab expansion. For semiconductor process cylinder cabinets, a new policy will enable companies to obtain all the necessary change permits at once for additional installations, expediting the installation of equipment and related investments.

To stimulate consumption in traditional markets and local districts, the Onnuri gift certificate program will be revised. When used at traditional markets and local neighborhood shops, new rebate measures will deliver higher benefits than before and encourage increased regional spending.

The government will also support asset formation for future generations through the "Our Child Self-Reliance Fund," where both parents and the government jointly contribute and invest. This fund allows parents and the government to make long-term deposits and investments in a fund under the child’s name until they become adults, supporting asset formation. Government subsidies will be provided for children in households with income at or below 150% of the median income, from birth until they reach 18 years of age.

The Korean version of the Green Transformation (K-GX) strategy was also discussed. Lee commented, "As seen in recent heat waves and the floods in Nepal, climate crisis has now become a reality that threatens not just the environment, but public safety, livelihoods, the economy, and industries." He added, "By decarbonizing major high-emission industries and cultivating leading green sectors, we will secure new growth engines based on green competitiveness, ensure that all regions and citizens share in the achievements of GX, and provide full support to encourage corporate participation."

This content was produced with the assistance of AI translation services.