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Deputy Prime Minister and Minister of Economy and Finance Kim Dong-yeon speaks during a press conference at the Sejong Government Complex in Sejong City on Aug. 9. (Ministry of Economy and Finance)

By Xu Aiying and Hahm Hee-eun

The government has pledged to do all it can to promote innovative growth in order to help the country take off as an economic power.

Deputy Prime Minister and Minister of Economy and Finance Kim Dong-yeon said in a press conference at the Sejong Government Complex in Sejong City on Aug. 9 that, “Currently, President Moon Jae-in and all the ministries of our administration are striving for innovative growth. The government will be playing a key role in establishing an ecosystem and regulations that foster innovation.”

Deputy Prime Minister Kim said, “We will be actively working on financial investments to help the ‘platform economy.’ Compared to this year, KRW 2 trillion more will be added to next year’s budget so that a total of KRW 5 trillion can be invested in boosting the ‘platform economy’ and in fostering eight leading new technologies.”

“In the future, innovation is most likely to come from urban regeneration and housing, rather than from the traditional social overhead capital (SOC) such as construction and civil engineering. Hence, the budget for SOC that is related to ‘everyday life innovation,’ such as urban regeneration and housing, will be drastically increased, starting with KRW 8 trillion this year.”

Deputy Prime Minister Kim mentioned President Moon’s suggestion concerning the concept of “Everyday Life SOC.” This refers to libraries, gyms, nursing facilities and cultural facilities that are closely related with quality of life. Deputy Prime Minister Kim also emphasized that 10 regional businesses will be selected and referred to in next year’s budget, which is planning to invest KRW 7 trillion into innovative new industries.

Finally, government ministries will support innovative growth by investing heavily in technologies at the heart of the fourth industrial revolution, such as intelligent semiconductors and brain sciences.

xuaiy@korea.kr