South Korea celebrated its 46th Commerce and Industry Day on Wednesday... by honoring businesses and individuals in the field for their hard work.<br />Ko Roon-hee reports. <br />There were cheers, laughter and rounds of applause. <br />One-hundred-90 company leaders received awards and commendations from the government at a Commerce and Industry Day ceremony hosted by the trade ministry.<br />South Korean government officials thanked them for their contributions to the local economy.<br /><br />"Korea's per capita GNI surpassed 30-thousand U.S. dollars in 2018. In 1974, when the nation celebrated its 1st Commerce and Industry Day, the figure stood at 563 dollars. This remarkable jump is mainly due to the dedication of workers in the field."<br /><br />Trade minister Sung Yun-mo also emphasized the importance of increasing investment and branching out to new sectors. <br />Some of the award-winners said such encouragement is especially important for small and mid-sized firms.<br /><br />"This event will help revitalize companies, as it can serve as a platform for them to enter wider markets with their products, which have been already recognized by the government in terms of quality."<br /><br />"The South Korean economy is going through some difficulties...including unemployment. However, encouraging companies by giving awards will improve the economic sentiment."<br /><br />"At the event, industry representatives came together and promised to revitalize the local economy... through measures like boosting exports.<br />An economic expert says, they should keep an eye on possible uncertainties at home and abroad."<br /><br />"One of the external uncertainties we have to look out for is the U.S.-China trade dispute. We do not know when it is going to end. Also, the global economy is growing at a slower pace than last year. This might negatively impact companies' investment and exports. In Korea, there are issues such as the 52-hour workweek policy and the minimum wage hike."<br /><br />The expert added...for companies to successfully enter new industries related to the 4th industrial revolution in the future, deregulation measures are critically important. <br />Ko Roon-hee, Arirang News. <br />
