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Korean Gov't to Award $27 bn Invest for Fast Promotion of Future Industries

According to Pulse by Maeil Business News Korea,

The South Korean government will go all-out to promote eight key innovation sectors by removing all unnecessary regulations and arranging public procurements worth 30 trillion won ($26.7 billion) in the areas by 2022 for fast growth, the country’s deputy prime minister for economic affairs said on Thursday.

The government whose economic agenda hinges on promotion of growth led by innovation and income at the beginning of the year named eight sectors that it plans to concentrate resources. They are big-data and superfast-connection backed digital services, automated factory, smart farming, fintech, renewable energy sources, smart urban designing, drone, and automated vehicles.

“State enterprises must actively invest in the areas to spur demand and quickly promote the related industries," said Strategy and Finance Minister Kim Dong-yeon in an economy-related ministers meeting.

These fields will receive first and concentrated attention for deregulation, he added.

The government will first of all remove regulations to promote sharing industry.

Ride sharing and room sharing popular in other parts of the world are restricted in Korea under complex layers of regulations mostly made during the industrialization period to back tradition industries.

Kim said that the government will also designate strategic investment sectors and set aside budget for next year.

“We plan to reflect strategic investment areas in next year’s budget plan so that investment can be made more quickly,” Kim said.

By Yoon Won-sup and Lee Eun-joo

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (August 02, 2018)

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