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Korean Govt. to Foster Future Growth Engine

(SEJONG=NEWSIS) The Ministry of Trade, Industry & Energy (MOTIE) plans to discover and foster future growth engines like smart cars.

The Ministry of Science, ICT and Future Planning (MSIP) and MOTIE held an opening ceremony for the Future Growth Engine Council and hosted the first sessions of the council at the K Hotel in Seoul on April 30.

Participants reviewed a science and technology basic plan and industrial technology innovation plan (Industrial Engine Project) in consideration of the government’s policies for growth engines and market demand. Nine major strategic industries and four major infrastructure industries were discussed at the meeting.

Nine major strategic industries are as follows: ▲ 5th generation mobile networks ▲Smart auto ▲ Deep seafloor-offshore plants ▲ Tailored wellness care ▲ Wearable digital devices ▲ Smart disaster and safety management ▲ Contents you can feel and experience ▲ New renewable energy (hybrid)

Four major infrastructure industries are intelligent semiconductors, big data, convergence materials and intelligent Internet of things (IoT).

MOTIE plans to seek ways to foster 13 major future growth engines for the future of Korea by 2020.

“We need to come up with comprehensive plans that include the construction of infrastructure, manpower training, system improvement and commercialization while not playing down the importance of technological development for a creative economy and a new industrial ecosystem,” said Kim Jae-hong, Vice Minister for Industry and Technology of MOTIE. “We expect the Future Growth Engine Council to set up implementation strategies that include long-term prospects and investment directions for facilitating private investments.”

“The Ministry will put great emphasis on creating an environment in which large companies, small- and medium-sized enterprises and even venture companies work together and cooperate to promote new growth engines,” said Choi Mun-kee, Minister of Science, ICT and Future Planning. “Ministries, government agencies, academic and business circles and all levels of society need to discuss Future Growth Engines head-to-head to help the engines bear fruit.”

Source Text

Source: Newsis (April. 30, 2014)

** This article was translated from the Korean.
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