8th Vice Ministerial Meeting on ‘Innovative Growth’
8th Meeting Discusses Outcomes of ‘Innovative Growth’ Projects
Vice Minister of Economy and Finance Ko Hyoung-kwon presided over the 8th Vice Ministerial Meeting on ‘Innovative Growth’ held on September 21, and discussed how the government’s ‘innovative growth’ projects have been working, as well as plans to support employment.
The following is a summary of Vice Minister Ko’s keynote address.
Plans to support employment
The government will do its utmost to help boost the struggling job market.
- Work for 43 trillion won worth of local government supplementary budgets to be implemented as soon as possible
- Work for about 7 trillion won worth of fiscal stimulus to be spent as scheduled
- Have spent 165.4 billion won out of reserve budgets in September only, in addition to 173 billion won in July
Outcomes of “innovative growth’ projects as of now
The government has pursued ‘innovative growth’, working on the development of new technologies and industries. Some of the projects, including those on improving regulations, have begun to produce outcomes.
- Have made digital bank bills passed at the National Assembly, as well as three regulatory sandboxes[1]
- Draw up plans to improve FX regulations, allow duty-free shops at arrival terminals of airports, and reform regulations causing difficulties on the site, which will be announced in September
- Have worked successfully with corporations on 15 trillion won worth of investment projects, as well as have found solutions to regulatory difficulties at the site, which have led to 100 billion won worth of corporate investment
- Have encouraged young adults to start their own businesses, and as a result young adult startups rose from 3,693 to 4,173 as of July compared with a year ago, venture capital investment rising 61 percent to 1,614.9 billion won for the same period
- Have worked for startup secondary markets to expand, and as a result the markets rose by more than two folds to 1,25 trillion won in the first half
Please refer to the attached pdf
