3^rd Ministerial Meeting on Industrial Innovation

36^th Ministerial Meeting on the Economy

 

Government to Keep on with Industrial Innovation

 

 

Deputy Prime Minister Hong Nam-ki presided over the 3^rd Ministerial Meeting on Industrial Innovation, which is also the 36^th Ministerial Meeting on the Economy.  Key policies the government will bring into focus to promote industrial innovation were main topics of discussion, as well as outcomes of the efforts made to introduce new services, such as a consensus reached between interest groups.  Plans to develop bio industries were also looked into during the discussion.

 

The following is a summary of DPM Hong’s keynote address.

 

Keep on with industrial innovation

 

The government has never stop pursuing industrial innovation although it had to shift its first priority to disease control and fast economic rebound.  There have been substantial improvement in 5G and future cars, but we worry that the country’s innovative spirit might be weakening as the first half venture investment slowed.  Thus, we will step up our efforts to support industrial innovation according to the following frameworks.

 

1. Promote industrial innovation via Korean New Deal projects
2. Help shift a focus from riding out the pandemic to innovating businesses:  Support to be focused on post-coronavirus industries, such as a system-on-a-chip and bio-healthcare, as well as on digital transformation of business
3. Work to develop adequate human resources and innovative financing, as well as promote R&D
4. Work to provide proper regulatory infrastructure, including law and institutions, in particular to help introduce new services, such as by helping reach a consensus among interest groups

 

Outcomes of efforts to induce consensus among interest groups

 

Breaking down regulatory barriers is utmost important for new services to enter markets, although it is difficult due to the conflicts of interests.  However, we saw a consensus reached between new types of bed and breakfast and existing ones.  With a model called ‘taking a step forward together’, bed and breakfast has been made possible in vacant farm houses thanks to the compromises reached by the new businesses and existing ones.  

 

Topics of discussion

 

1) Keep on with industrial innovation

2) Outcomes of efforts to induce consensus among interest groups

3) Plans to develop green biotechnology-based industries

The plan includes the following

 

- Strategies to develop the five core areas of microbiome, alternative food, seed production, animal medicine and bio-based material

- Draw up a roadmap this year and set up infrastructure for big data use, such as supercomputers and research data centers

- Design support for the five areas according to the demand, including consulting services, and work on the opening up of public data and other regulatory improvement

 

4) Develop human resources for the bio sector

 

- Work to develop qualified human resources:  Build a center for bio education to provide 2,000 workforce annually, who meet industrial demand

- Provide opportunities to learn new technologies, such as learning new medicine development based on data and AI, and learning AI and precision medicine at overseas research centers

 

We now have an opportunity to upgrade the country’s bio industry as exports and investment in the sector have been increasing backed by the success in K-disease prevention.  We cannot miss this opportunity and have to step up our support for the industry. 

 

Please refer to the attached pdf