Responding to the announcement that the United Nations Conference on Trade and Development (UNCTAD) has changed South Korea’s status from developing to advanced, South Korean President Moon Jae-in said that it showed the international recognition that South Korea is truly an advanced country.
“We should be very proud of the news, because such a change was unprecedented since the founding of UNCTAD in 1964,” President Moon said at a cabinet meeting at Cheong Wa Dae’s presidential office on Tuesday. UNCTAD unanimously decided to change South Korea’s status from group A (Asia and Africa) to group B (advanced countries) at a meeting held in Geneva, Switzerland on Friday. South Korea is the only country whose status has changed from developing to advanced since the founding of UNCTAD in 1964.
“South Korea now has one of the 10 largest economies in the world and its position and roles within the international community are growing, with the country hosting P4G summits and G7 meetings for two consecutive years,” said declared the president. “The exceptional abilities and sense of community shown by South Koreans in response to COVID-19 are highly appreciated around the world. He also added that South Korea will continue to forge ahead to become a world leading country by fulfilling its responsibilities and roles with the pride of an advanced country. “I hope all South Korean citizens will be proud of the achievements made with blood and sweat.”
Meanwhile, legislation to compensate for damage suffered by small business owners as a result of COVID-19 control measures was announced at the meeting. “It is very significant that a systemic foundation to compensate for the damage suffered by small business owners has been put in place for the first time,” said President Moon. “I would like to ask you to do your best to develop details under the subordinate laws, including those about who is eligible and how much will be compensated, and to prepare carefully to ensure smooth and prompt compensation.” He also added that the second revised supplementary budget should be quickly adopted by the National Assembly to provide for compensation under the new law and support before the law is enacted. “Finance supports the lives of our citizens by facilitating economic recovery. The revised supplementary budget will play an important role in reviving South Korea’s economy and people’s livelihoods.