Park pledges support for businesses' overseas expansion

SEOUL, Dec. 18 (Yonhap) -- President Park Geun-hye vowed Thursday to help South Korean businesses make inroads into foreign markets, saying companies must look overseas to tide themselves over in the current economic crisis.

Park made the remarks during a meeting with the leaders of South Korea's five major business lobby groups, including the Federation of Korean Industries, as she laid out plans for overseas expansion.

The government "will strengthen its support for businesses' use of FTAs (free trade agreements) and help them enjoy the real benefits of FTAs, while actively tackling non-tariff barriers, which are major problems for overseas expansion," Park said.

South Korea concluded free trade negotiations with China, Australia, Canada, New Zealand and Vietnam this year as part of its efforts to further boost exports.

Exports account for about half of South Korea's gross domestic product, the broadest measure of economic performance.

Park also said the government will provide customized support to small and medium-sized enterprises to help nurture them into global hidden champions.

hague@yna.co.kr
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