Last November, President Moon Jae-in discussed strategies on innovation-led growth and how to cope with the Fourth Industrial Revolution.
"A prerequisite for innovation-led growth is a swift reform of regulations on new industries and new technologies.
Creative ideas in the private sector should not be held back by outdated regulations and practices."
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Fast forward six months, the South Korean President reviewed the progress of the administration's growth initiatives with government officials and local business leaders.
"I want to stress once again that speed is of the essence.
Faced with the limitations of growth and employment, our economy must succeed in innovative growth to make a new leap forward."
President Moon noted the administration has been laying the building blocks for innovation, by creating a friendlier environment for startups. It has begun regulatory reforms, and has started providing tax support for innovative technologies and businesses, as well as preparing roadmaps for smart cities, drones, fintech, and smart factories.
But the liberal leader insisted that the efforts are still short of tangible results for the people, and that the government's strategy must improve people's daily lives.
And to do so, President Moon asked the government to swiftly commercialize innovative technologies such as hydrogen-powered electric vehicles, 5G mobile communication, artificial intelligence, and drones.
A visually impaired working mother took the stage during the meeting, to show the audience how the AI speaker she had been given has made her daily life and raising a child so much easier.
President Moon also pledged that the government will try to speed up regulatory reforms to boost innovative growth, and that it will actively look for public sector demand for innovative products, in order to create initial markets.
"The private sector should and must take the lead in innovative growth, but the government's active promotion of it is also necessary."
Innovative growth has been one of the three key pillars of the Moon administration's "people-centered economy”, along with income-driven growth and fairness.
Hwang Hojun, Arirang News.