2ND MINISTERIAL MEETING ON THE ECONOMY

GOVERNMENT ANNOUNCES POLICY DIRECTIONS FOR 3-YEAR PLAN FOR ECONOMIC INNOVATION


Deputy Prime Minister Hyun Oh-seok presided over the 2nd Ministerial Meeting on the Economy of 2014 and led discussions on the following topics:

- The 3-year Plan for Economic Innovation
- The Cloud Industry Development Plan
- The Plan to Strengthen the Competitiveness of the Testing & Certification Service Industry

The following is a summary of the Deputy Prime Minister's keynote speech at the meeting:

3-year Plan for Economic Innovation

In 2013, the government implemented policies that laid the foundation to break the spell of low-growth, however, there is still much work left to be done for the economy to deal with rapid changes in the global economy and to ensure that the benefits of growth are evenly distributed.

The government will develop a 3-year plan, which will reform the economy and fix the underlying problems that plague it. The plan focuses on three aspects:

- Redressing previous wrongdoings: fix irregularities in systems and institutions that plague  Korean society, such as reckless management at public enterprises in order to strengthen the fundamentals of the economy 

- Abandoning the status quo: shift the economy towards domestic consumption and develop the service industry in order to ensure sustainable and balanced growth

- Rising to future challenges: build a creative economy through private sector-led innovation and increase Korea's global presence to preemptively deal with the rapidly changing global environment and to tackle urgent domestic challenges, such as the aging population and low birth rate. 

The government will implement 'The 3 Year Plan for Economic Innovation' under three principles, which are:

- Public-private and inter-ministerial cooperation
- Setting an example through public sector innovation
- Concrete results

The government will finalize the 3-Year Plan for Economic Innovation by the end of February and will implement it under the supervision of 'Economic Innovation Task Force,' in order to ensure that the economy takes its next great leap forward.

Cloud Industry Development Plan

The government will establish common standard protocols with regard to development and operation of cloud services in order to stimulate demand, and streamline existing security standards to promote the use of private cloud services by public enterprises.

The government will also expand its support for cloud service support centers, R&D and data cluster development.

Plans to Strengthen the Competitiveness of the Testing & Certification Service Industry

The government will first select promising areas to focus on, such as energy, environment, and IT, and then develop comprehensive support measures to promote the testing & certification service industry.

The government will encourage testing & certification service providers of various sizes to form consortiums and build an integrated brand identity in order to strengthen their global competitiveness.

The government expects these plans to help develop both the cloud industry and the testing & certification service industry, which will contribute to quality job creation and making these industries more competitive.

Please refer to the attached PDF.

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