According to Yonhap News,

(SEOUL = Yonhap News) The government will focus its efforts on reforming a "wrongful past" in society when drawing up its three-year economic innovation plan to be unveiled next month, the finance minister said Wednesday.

The government has been working to map out the three-year plan first mentioned by President Park Geun-hye last week during her New Year speech.

Under the envisioned plan, the president aims to raise the country's growth potential to 4 percent, hike the overall employment rate to 70 percent and increase the annual per-capita income level to US$40,000.

How to achieve the objectives has yet to be disclosed. The finance ministry earlier said that it will announce detailed measures and policies by the end of next month.

"Through the three-year innovation plan, we will work hard to reform any wrongful past in society." Finance Minister Hyun Oh-seok said during a meeting with other economy-related ministries. "We will also make this plan serve as a solid launching board for us to advance into an era of people's happiness."

He cited chronic lax and inefficient management practices in the public sector, regulations and other red tape deemed to be hampering fair market competition as the wrongful past that needs to be tackled.

Hyun also emphasized the importance of reform that everyone can take part in to help the economy make a "substantial" leap forward.

To that end, cooperation between the private and public sector is one of the major principles in drawing the three-year innovation plan, he said.

He added that the government will keep its ear open to opinions from all walks of life to come up with "creative alternatives" to any problems and wrongful practices in society.

"Throughout the whole process from drawing up the plan to executing and monitoring it, we will make efforts to break down barriers among government ministries and agencies, and gather opinions from all walks of life before coming up with creative alternatives," he said.