Bank of Korea (BOK) Governor Lee Ju-yeol on Friday urged the heads of South Korean companies to beef up investment as the country's economy is in further need of a boost in growth momentum.

In a meeting with the heads of large corporations, the BOK chief said economies around the world face a common agenda of reviving momentum for growth, and while that for South Korea is modest compared to other countries, it is not solid. The central bank is tasked with the issue of improving investment sentiment, he added.

The governor noted that lowering the base rate earlier this month was partly aimed at bolstering growth and hoped that it will help companies expand investment.

On Oct. 15, the BOK lowered the base rate by a quarter percentage point to a record low of 2 percent. The rate cut, the second this year, came as Asia's fourth-largest economy is struggling to prop up slackening consumption and growth.

According to the latest data by the central bank, the South Korean economy expanded 3.2 percent on-year in the third quarter, marking the slowest growth since 2.7 percent in the second quarter of last year.

Earlier this month, the BOK trimmed its growth outlook for this year to 3.5 percent from 3.8 percent. It also lowered its forecast for 2015 to 3.9 percent from 4 percent. (Yonhap)