Finance minister Choo Kyung-ho sought active investment from the country's major businesses to spur the economy forward.

During a meeting with representatives from the Federation of Korean Industries on Tuesday, Choo stressed the essential role of the private sector in achieving a speedy and strong economic rebound.

The minister said that, in line with a market economy, the government's policy centers around the notion that future growth should be led by private sector investments rather than government intervention and extra budgets.

He said the government's role is to remove regulations and other burdens that impede business operations in order to facilitate progress.

Referring to tax support and deregulation in the areas of national strategic technology, including semiconductors, Choo pledged efforts to create an environment favorable to the private sector.

The businesses, for their part, sought further tax incentives for their investments, improvements in regulations and increased support for carbon neutralizing efforts.

Representatives from major conglomerates, including Samsung, SK, Hyundai Motor and LG, attended the meeting.