5th Ministerial Meeting on Innovation-driven Growth
28th Ministerial Meeting on the Economy of 2019
Government to Accelerate Innovation in Industries
Deputy Prime Minister Hong Nam-ki presided over the 5th Ministerial Meeting on Innovation-driven Growth, that is, the 28th Ministerial Meeting on the Economy of this year, held on December 4. Framework measures to promote innovation-driven growth, the 4+1 measures covering the four areas of major industries, new industries, new technologies and resources, and institutional support to implement those measures, were reviewed. Other topics of discussion include ways to support fintech scale-ups and plans to go ahead with when revisions to the three personal data protection laws are approved by the National Assembly, the Personal Information Protection Act, Network Utilization and Information Protection Act, and Use and Protection of Credit Information Act.
The following is a summary of Deputy Prime Minister Hong’s keynote address.
4+1 Framework Measures to Promote Innovation
The government will continue to work to fully and successfully implement the 4+1 measures, and the plans for next year to implement the measures will be included in the 2020 economic policies, scheduled to be unveiled late this month. These are the focuses the government will have in mind.
- Work on increased productivity and competitiveness in both manufacturing and services, and promote industrial convergence with ICT and other state-of-the-art technologies to this end
- Support three new foundation industries and help create three big markets: Develop data, network and AI industries as a foundation, and promote future cars, semiconductors and biotechnologies
- Provide startups with support designed to meet the specific need according to the startup development stage
- Work for innovation in technologies by promoting core technology development and R&D reform, grow 200,000 qualified human capital by 2023, and introduce innovation to business financing, such as large-scale venture capital
- Provide institutional support to new products and services, such as through regulatory sandboxes and public procurement systems, and encourage platform sharing
Support for Fintech Scale-ups
The government will do the following to support fintech scale-ups.
- Best use regulatory sandboxes and produce at least 100 cases of innovative financial services by March 2020
- Introduce a ‘small banking license’ to fintech firms, a limited license for services they will provide
- Introduce My Payment, an online system through which customers do not have to access banks or other financial institutions to carry out transactions
- Raise funds worth around 300 billion won to be invested in fintech
Plans to Go Ahead with When Revisions to Personal Data Protection Laws Are Approved
Revisions to the three personal data protection laws have been waiting to be passed by the National Assembly, the Personal Information Protection Act, Network Utilization and Information Protection Act, and Use and Protection of Credit Information Act. The government has drawn up the following plans to grow data industries and strengthen personal information protection when the revisions are passed.
- Build up big data systems for financial and bio-health industries
- Provide consulting services to help businesses meet EU’s General Data Protection Regulations (GDPR)
- Make the personal information protection committee responsible for protecting personal information
- Properly protect personal information, such as from being stolen or misused
Plans to Promote Food Industry
The government will grow the food industry to be worth 24.9 trillion won by 2030, up two folds compared with 2018. A total of 112,000 jobs are expected to be added to the food industry by then, an increase from 51,000 in 2018. To this end, the government will
- Introduce new food categories, for example elderly food and pet food, to help create new markets
- Improve regulations on functional food sales to promote functional food markets
- Introduce non pesticide certification for processed food to grow organic food markets
- Promote food exports by utilizing K-culture festivals
Please refer to the attached pdf