SEOUL, Feb. 22 (Xinhua) — South Korea's top economic policymaker said Monday that the government will make best efforts at minimizing possible negative economic impact from the Democratic People's Republic of Korea (DPRK)'s recent rocket launch and nuclear test.
Yoo Il-ho, deputy prime minister for economic affairs who doubles as finance minister, told foreign correspondents in Seoul that the government will "do its utmost to minimize the impact of North Korea (DPRK) issues on the (South) Koran economy" while continuing to monitor geopolitical developments.
His comments came amid rising expectations that geopolitical risks from the DPRK's nuclear test and long-range rocket launch may weigh down further on the already-struggling South Korean economy.
Pyongyang launched a long-range rocket, which outsiders see as a prohibited test of ballistic missile technology, on Feb. 7 after what it claimed was the first H-bomb test on Jan. 6, the fourth of its nuclear detonations.
South Korea's exports posted the biggest monthly decline in more than six years in January with an 18.5 percent reduction. The exports, which account for about half of the export-driven economy, are estimated to have recorded a double-digit fall in February as well.
Yoo said free trade agreements (FTAs) with China, Vietnam and New Zealand, which came into force last year, would contribute to South Korea's export growth.
He noted that China's shift to a more consumption-driven economy will provide South Korean companies with opportunities to export more consumer goods and services to China, South Korea's largest trading partner.