President Moon Jae-in shared his aspirations of reviving the country's manufacturing sector, deemed the traditional pillars of Korea's economy.
"The revival of the manufacturing sector is the revival of the economy. By Korea becoming a top-four manufacturing power, we will open a new era where per capita income hits 40-thousand U.S. dollars."
The president announced his strategy dubbed "Manufacturing Renaissance Vision" at an event held at the Smart Manufacturing Innovation Center in Ansan, south of Seoul.
His plan also includes South Korea becoming the world's fourth-largest manufacturing power by the year 2030, and pulling the economy out of its low-growth track.
It also aims to boost the country's exports to the world's top-four,.. currently in 6th place, and expand the number of global exporting firms to 12-hundred, more than double from the current 570.
The president expressed concerns however, over the lack of new industries to lead future growth.
Compounded by structural issues like the fall in the working-age population and the slowing global economy, he said the industry will only face further economic headwinds.
"Our manufacturing industry is at a grave crossroads, a leap or stagnation. We are at a pressing moment where we need to transition to an innovative and leading industrial structure."
By breaking away from the long-established strategy of the past, the President added that the country will undergo an industrial paradigm shift, highlighted by the keywords 'smart', 'eco-friendly' and 'fusion'.
The government said it plans to invest some 7.1 billion dollars in non-memory chip, bio-health and future cars the administration's new growth engines, on top of 152 billion dollars worth of private sector investments.
He also revealed that a joint private and public coordination body will be established, chaired by the President himself to discuss various issues, like production cost, labor and management conflicts.
Shin Se-min, Arirang News.