4th Ministerial Meeting on Innovation-driven Growth
25th Ministerial Meeting on the Economy of 2019
Government to Promote Future Cars
Deputy Prime Minister Hong Nam-ki presided over the 4th Ministerial Meeting on Innovation-driven Growth, that is, the 25th Ministerial Meeting on the Economy of this year, held on October 14. Measures to promote future cars and plans to build an online trading platform are main topics of discussion, along with ways to develop the country’s film industry. Outcomes of government’s deregulatory efforts were presented at the meeting.
The following is a summary of Deputy Prime Minister Hong’s keynote address.
WEF’s 2019 Global Competitiveness Report
Korea ranked 13th in the 2019 Global Competitiveness Report by the World Economic Forum, climbing another two notches following last year and remaining on top in the two pillars of macroeconomic stability and ICT adoption.
The government will confidently implement its measures to boost the economy and go ahead with plans to develop future growth engines, working on the following to support industrial innovation.
- Promote the 3 platform industries of big data, network and AI, and the 3 new industries of a system on a chip, future cars and bio-health
- Promote content industries with potential, such as movies, VR and AR
- Encourage industrial convergence and improve regulations
Future cars
Cars are now evolving, such as into smart cars and eco-friendly cars, and car manufacturing is transforming itself into an ICT convergence one. The Korea government has been working with experts to help the industry jump again to be the country’s main growth engine, and framework measures have come out.
- Promote the use of eco-friendly vehicles
- Prepare a regulatory basis for driverless cars, as well as infrastructure for them to run
- Support the use of open source technology to achieve innovation in the car industry
Online trading platform
The government will build an online trading platform equipped with an information management system, through which exporters can be provided with data they need. The trading platform will provide exporters with across-the-board services from contracting to shipment, as well as block chain-based FX transaction services. KOTRA’s B2B platform, buy Korea, will also be reformed to be specialized malls with global shipment services.
Film industry
Korea’s film industry has almost doubled in the last 10 years, growing to be fifth largest in the global market. The government will do the following to further develop the country’s film industry.
- Launch a center for Korean film to encourage production
- Launch funds to support small film producers
- Support the production of VR contents and other high tech contents
Outcomes of deregulatory efforts
The government has improved a total of 33 regulations this year, which held back the use of new technologies, such as co-robots, and the development of new markets, such as overseas financial markets; the government has allowed securities firms to provide loans to their overseas branches. One of the 33 deregulatory reforms is the streamlining of licensing procedures to use chemical substances.
Please refer to the attached pdf
