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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: SKorea's Lee urges exporters to diversify markets amid slowdown AFP - 1 hour 45 minutes ago SEOUL (AFP) - - President Lee Myung-Bak urged South Korean exporters Tuesday to diversify markets amid a global slowdown, a day after his government announced a 10.7 billion dollar package to stimulate the economy. He made the appeal as Seoul targeted total exports next year of 500 billion dollars, some 15 billion dollars more than leading economic think-tanks have predicted. "South Korea is one of the countries in the world which have the highest degree of dependence on exports," Lee told a meeting of government ministers and business CEOs. "Exports are our lifeline... we hope our exporters diversify markets and put out new products so that we may achieve good results next year as well," he was quoted as saying by Yonhap news agency. Lee said the country's fiscal and foreign exchange uncertainties have now eased and national efforts must now be directed towards promoting exports. Exports account for some 40 percent of gross domestic product. South Korea hopes its efforts to diversify markets in recent years will mitigate the effects of the global slowdown. The United States took 30 percent of its exports in 1990 but only 11 percent this year. The 10.7 billion dollar package announced Monday was designed mainly to help domestic demand pick up the slack from faltering exports. The cabinet Tuesday formally approved a revised 2009 budget expanding spending by 10 trillion won to 283.8 trillion won (224 billion dollars) as part of the deal. The amended budget will be submitted to parliament by Friday for approval. The Ministry of Knowledge Economy said the government will increase financial aid and insurance and offer firms tax breaks in an attempt to achieve the 500 billion dollars in exports. Top economic research institutes, however, predicted single-digit growth next year. Samsung Economic Research Institute said exports would increase 8.3 percent to 484.7 billion dollars while LG Economic Research Institute forecast an 8.9 percent rise to 486.7 billion. The local stock market and currency have begun reversing their steep slide of recent months following a series of stabilisation moves, notably a currency swap arrangement with the US Federal Reserve worth up to 30 billion dollars. South Korea is also in talks with China for a swap deal worth up to 30 billion dollars, Yonhap news agency reported. Foreign exchange reserves recorded their steepest monthly fall in October since the 1997-98 financial crisis as authorities intervened to support the slumping won. However, they remain the world's sixth largest. The reserves totalled 212.3 billion dollars as of end-October, down 27.4 billion from a month earlier, the central bank said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Australia slashes interest rate to 5.25 percentAFP - 42 minutes ago China tightens supervision of trade paymentsAFP - 45 minutes ago SKorea's Lee urges exporters to diversify markets amid slowdownAFP - 1 hour 45 minutes ago S.Korea, China agree in principle to currency swapReuters - 1 hour 50 minutes ago Related Articles: Business India to allocate 3G spectrum by end-Jan - govtReuters - 35 minutes ago Fujitsu to buy Siemens stake in PC joint ventureReuters - 36 minutes ago RPT-TOPWRAP 2-Australia cuts rates; world recession gloom buildsReuters - 38 minutes ago Indian rupee pares losses as foreign banks sell dlrsReuters - 39 minutes ago Asian stock markets mixed ahead of US electionAP - 40 minutes ago Enlarge Photo SKorea's Lee urges exporters to diversify markets amid slowdown Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Foods to prevent disease? Obama in command on eve of US vote Hamilton pips Massa to Formula One title in tense Brazil finale Formula One driver Hamilton wins 2008 F1 championship Australia anxious as Indonesia prepares to execute Bali bombers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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