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PRESS RELEASES

7th Ministerial Meeting on 'Innovative Growth'

  • DivisionPolicy Coordination Bureau - General Policy Coordination Division
  • DateNovember 1, 2018
  • Tel044-215-4513

7th Ministerial Meeting on ‘Innovative Growth’

 

7th Meeting Discusses What to Focus on in Implementing

the Job Market Support Measures

 

 

Deputy Prime Minister Kim Dong Yeon presided over the 7th Ministerial Meeting on ‘Innovative Growth’ held on November 1, and discussed the points the government will focus on when implementing ‘the measures to promote investment and support the job market’, announced on October 24.  Deputy Prime Minister Kim also talked about public investment plans to improve citizen wellbeing, as well as about plans to increase public purchases of innovative products.

 

The following is a summary of Deputy Prime Minister Kim’s keynote address:

 

Points in implementing ‘the measures to promote investment and support the job market’

 

The measures to promote investment and support the job market, announced on October 24, were drawn up to encourage the market and businesses amid increasing risks from outside and of economic slowdown.  The measures reflect long-term perspectives, as well as short-term ones, as we pursue innovation-driven growth, for which we need to promote investment and improve regulations.  We will keep in mind the following in implement the measures.

 

Work to help investment made as fast as possible

- Decide on the projects the government will invest in next year

- Work to help private sector projects proceed as planned

- Fast implement the facility investment support program worth 15 trillion won, which includes constructing smart industrial complexes

 

Work to resolve conflicts among interest groups with regard to revising regulations

- Recognize the importance of being mutually beneficial when working on regulatory revision, and work with a long-term perspective

- Work to find ways to being mutually beneficial, which include revising the current compensation system

- Work with related ministries and political parties to find solutions to problems arising from reduced work hours

 

Plans to increase investment in citizen wellbeing and promote innovative products

 

- Increase budgets for citizen wellbeing to 8.7 trillion won next year, while promoting joint investment by the private sector and public institutions

- Promote private sector investment by easing environmental regulations on small-scale projects

- Raise the requirement for the public sector purchase of innovative products from 10 percent of the total to over 15 percent

 

Please refer to the attached pdf