South Korea’s top economic policymaker on Wednesday stressed the need for timely and sweeping reforms in order to boost the country’s growth momentum that has struggled to meet expectations. Speaking at a ministerial meeting in Seoul that assessed the latest economic developments, Finance Minister Choi Kyung-hwan pointed out that despite some positive signs like the drop in crude oil prices and more free trade agreements reached between South Korea and trading partners last year, more must be done to vitalize the economy.

There has to be swift spending of the budget to support key development projects and get companies to invest more, he said.

“It is vital that the public actually feels the beneficial changes taking place,” he argued, adding that while there are plenty of challenges, it is best that government officials refrain from being overly pessimistic.

Choi said detailed plans to encourage companies to invest should be ready by the end of this month so they can be pursued in February.

The government plans to earmark 30 trillion won ($27.5 billion) up to 2017 to facilitate large-scale infrastructure building projects.

In a luncheon meeting with corporate leaders later in the day, Choi called for more painstaking efforts and fearless spirit of entrepreneurship in order to overcome the current economic slump.

“As the government makes efforts to boost the economy and create a business-friendly environment, companies have to secure surviving capabilities by carrying out structural reform or engaging in business alliances,” he said. “I hope that local business leaders face the challenge armed with the spirit of venture.” (Yonhap)