The government will roll out a set of measures aimed at boosting the competitiveness of Korean-made goods in overseas markets to overcome a slowdown in Asia's fourth-largest economy, currently reeling from feeble domestic demand and sluggish exports, the country's top economic policymaker said Thursday.
 

"There is a need to diversify export products and find new overseas markets," Finance Minister Choi Kyung-hwan said at a meeting of economy-related ministers.
  

He said the government plans to give tariff quotas to production equipment used to make key export goods and push for more research and development for next generation export products that have good growth potential.
  

A comprehensive export promotion plan, which will include ways to fuel business investment, will be announced next week, according to the minister.
  

The remarks come after government data showed outbound shipments in the first six months of 2015 contracting 5 percent on-year to US$269.01 billion. In June, South Korea saw exports shrink 1.8 percent from the year before to $46.95 billion.

The minister said the government is keeping close tabs on emerging markets that may be affected by Athens' inability to pay back its debts.
  

"In the event of market volatility, firm pre-emptive measures will be taken," he said.
  

On the MERS outbreak that has seriously hurt domestic consumption, Choi said the situation seems to be stabilizing, although its fallout on consumption may be more serious than the shock caused by the sinking of the Sewol ferry last year.
  

"Particularly, in the areas of tourism and medical services, full recovery could take some time," he predicted. The government plans to help industries hit hard by the respiratory illness, with an additional 300 billion won ($267 million) in funds for tourism-related businesses.
  

In regards to the extra budget estimated at 15 trillion won, Choi said a considerable amount of funds will be allocated to boost the tourism and cultural-entertainment sectors. (Yonhap)