South Korea's top economic policymaker expects the domestic economy to recover momentum next year, citing a global economic recovery and an anticipated upturn in the semiconductor industry.

At a meeting with top executives of South Korean companies on Friday, Finance Minister Hong Nam-ki said opportunities and risks will coexist in the new year, adding it is important that the government builds momentum for recovery.

Hong cited recoveries in both global trade and the semiconductor industry as well as easing trade tensions between the United States and China as likely opportunities.

The minister also pointed to global economic uncertainties and lackluster investment in the local construction sector as potential risk factors.

Hong said private investments, raising growth potential through industrial innovation and introducing policies to create jobs for people in their 40s will prop up the economy.

The government, for its part, has vowed to encourage both private and public investments of up to 100 trillion won next year, raise growth potential through innovation and reforms and come up with job-creation policies for people in their 40s during the first quarter of 2020.