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S. Korean government announces plans to reinvigorate the service sector next year

According to Yonhap News,

(SEJONG=Yonhap News) The government of South Korea plans to establish innovative strategies for tourism, health, contents and logistics industries within the first half of next year, as a way to reinvigorate the service industry aimed at boosting job creation.

In the first quarter of next year, the government will make a new law concerning the management of the service industry and creation of its infrastructure.

Moon Jae-in, President of S. Korea, held a Ministerial conference on 17th and announced the government's "2019 Economic Policy Plans."

Hong Nam-ki, Minister of the country's economy and finance, showed intentions prior to taking his office to focus on reinvigorating the country's service industry. He said, "I will think of ways to ease regulations in tourism, medical health, logistics, gaming and contents industries before all else, and lift the difficulties in doing business."

The government will prioritize in drafting innovative plans for the tourism, health, contents and logistics industries by the first half of 2019.

The strategic plans for the tourism industry include methods to attract foreign tourists and expand tour contents such as DMZ, K-wave, concerts and marine leisure activities. For the medical health industry, the government will lay down foundations for digitalized health care, for example, expansion of health care big data and cultivation of personnel specialized in both medical and ICT, along with plans to support starups specialized in health care.

For the content industry, the government will facilitate providing fund and consultation to businesses based on their stage of development, creating a support plan for businesses' overseas advancement, and developing a fair manufacturing and distribution ecosystem. For the logistics industry, the government will introduce smart logistics center certification system and build smart logistics systems such as automation and AI utilization of marine logistics.

The government will make a 5-year basic development plan of the service industry and establishment of a committee for service industry development an obligatory task, and will urge lawmakers to make a basic law on service industry development, which provides a legal basis for supporting the industry's R&D, starting businesses and overseas advancement.

Prior to the enactment of the law, the government will support development of policies by identifying key tasks and requests for modifications of regulations through joint public-private partnership, and promote innovation in the service industry.

In addition, the government will promote making and amending government laws in regard to promising new jobs, create a new qualification system, and secure professional personnel from promising industries.

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Reprint or redistribution without permission is prohibited.

Source Text

Source: Yonhap News (December 17, 2018)

** This article was translated from Korean.

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