Finance minister calls for deregulation to boost innovative growth
Arirang News
2018-07-05
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Innovative growth is one of the key initiatives of the Moon Jae-in administration.
On Wednesday,... government officials held a meeting to discuss measures to enhance innovation in the country.
Kim Hyesung reports.
Economic policymakers gathered in Incheon Wednesday to discuss ways to boost the nation's innovative growth.
It was the second meeting for government ministers related to innovative growth, and there, Finance Minister Kim Dong-yeon called for speeding up deregulation to boost innovative growth and create new jobs.
At the meeting, the ministers of trade, labor and the newly appointed Senior Presidential Secretary for Economic Affairs, Yoon Jong-won, among others, discussed three key agendas.
First, creating an ICT security cluster in Seoul's Songpa gu-district.
The plan is to invest over 500 million U.S. dollars by 2025 to build a complex 25 times the size of a soccer stadium for use by ICT-related startups and public organizations and to help create value-added goods and strengthen cyber security.
Another plan is to create innovative cluster areas specially tailored for young people.
The government will select six industrial complexes by this year, and boost private sector investment.
To help reduce job mismatches, where there's a gap between an individual's skills and the demands of the job, the government also pushed for vocational training.
Proposed by the labor ministry, the vocational training program of three to ten months aims to nurture talent in new tech industries like smart manufacturing, bio and IoT in the private sector and help young people find jobs.
"The proposed measures are goverment-led innovative growth, not that different from the previous administration. To really help drive innovation, there needs to be deregulation on top of good infrastructure. Deregulation to enable startups and new players to enter the market, get financing and opportunities, and protection of their intellectual property rights so they can grow."
The finance ministry is expected to finalize its regulatory innovation plan by this month and report it to the Blue House.
Kim Hyesung, Arirang News.
On Wednesday,... government officials held a meeting to discuss measures to enhance innovation in the country.
Kim Hyesung reports.
Economic policymakers gathered in Incheon Wednesday to discuss ways to boost the nation's innovative growth.
It was the second meeting for government ministers related to innovative growth, and there, Finance Minister Kim Dong-yeon called for speeding up deregulation to boost innovative growth and create new jobs.
At the meeting, the ministers of trade, labor and the newly appointed Senior Presidential Secretary for Economic Affairs, Yoon Jong-won, among others, discussed three key agendas.
First, creating an ICT security cluster in Seoul's Songpa gu-district.
The plan is to invest over 500 million U.S. dollars by 2025 to build a complex 25 times the size of a soccer stadium for use by ICT-related startups and public organizations and to help create value-added goods and strengthen cyber security.
Another plan is to create innovative cluster areas specially tailored for young people.
The government will select six industrial complexes by this year, and boost private sector investment.
To help reduce job mismatches, where there's a gap between an individual's skills and the demands of the job, the government also pushed for vocational training.
Proposed by the labor ministry, the vocational training program of three to ten months aims to nurture talent in new tech industries like smart manufacturing, bio and IoT in the private sector and help young people find jobs.
"The proposed measures are goverment-led innovative growth, not that different from the previous administration. To really help drive innovation, there needs to be deregulation on top of good infrastructure. Deregulation to enable startups and new players to enter the market, get financing and opportunities, and protection of their intellectual property rights so they can grow."
The finance ministry is expected to finalize its regulatory innovation plan by this month and report it to the Blue House.
Kim Hyesung, Arirang News.
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