South Korea to foster service sector as new growth engine | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

South Korea to foster service sector as new growth engine

Sejong

South Korea said Thursday it will revamp the country's export portfolio and foster its service industry as a new growth engine to revitalize its virus-hit outbound shipments. The country's service exports reached $43.8 billion over the January-June period, down 17.9 percent from a year earlier.

The Ministry of Trade, Industry and Energy, however, said soaring demand for contactless services around the globe has provided a new opportunity for local firms. In July, South Korea's exports extended their slump to a fifth consecutive month by falling 7 percent on-year amid the fallout of the new coronavirus.