Deputy Prime Minister and Finance Minister Yoo Il-ho has called for overhauling the nation's immigration policy in a bid to overcome issues related to the nation's low birthrate and aging population.
 
Minister Yoo revealed his opinion in a keynote speech at a forum in Seoul on Tuesday that discussed the future of society and the South Korean economy.
 
The minister said that the government needs to promote immigration of foreigners into the nation as a way to address the low birthrate and aging population, which have not been resolved in spite of much efforts over the years. 
 
Yoo cited the low birthrate, aging society, the fourth industrial revolution, changes in the global economic environment, climate change and the reorganization of the energy market as major factors that will determine the future of the local economy.
 
Regarding job creation, the finance minister said that boosting the employment of young people and women is of utmost importance in the short term. But he added that the government will unlikely achieve the goal to raise the overall employment rate to 70 percent.