Trade minister Lee Chang-yang has stressed the need to boost export competitiveness and make full use of nuclear power plants to overcome global inflation and energy price shocks.

Lee made the remark in a press conference on Tuesday as he said the nation’s economy has been rattled by both global inflation and the sharp surge in energy prices.

The minister also emphasized the need to make the management of energy demand more efficient, citing the focus of the government’s new energy policies on boosting the role of nuclear power plants while optimizing such management systems to strengthen energy security.

On concerns over stagflation, Lee said enhancing productivity is key to preventing a rise in prices, stressing that high productivity can absorb inflationary shocks.

To this end, Lee said the trade ministry is in discussions with the finance ministry to provide tax breaks to companies that make facility investments, stressing that promoting such investments is crucial to tackle stagflation.