S. Korea in all-out effort to achieve ‘innovative growth’


the economy ministries policy briefing
to president moon was televised live in rare attempt to further promote pan
governmental cooperation and to encourage the Korean people to go back
to their normal economic activities regarding Japan’s imposition of expert
controls and South Korea’s high-tech materials so vowed to achieve complete
independence from Japanese imports in five years time our han da-eun has more
on the details of the 2020 economic policy report which focuses on fostering
new innovative businesses South Korea is going all out to achieve tangible
results this year from the government’s long-sought goal of innovation led
growth in a televised presidential briefing the four main economy
ministries laid out there jointly drawn a plan that focuses on fostering new
industries such as the bio industry and supporting innovative venture firms
through all available measures ranging from government support and deregulation
to policy loans 15 point eight trillion won or about thirteen point three
billion dollars of the nation’s budget has been allocated exclusively for
innovative growth of 46 percent from last year while low-interest policy
loans for the sector will be expanded to thirty nine point six million dollars
from 38 point five billion a year ago 4.4 billion will be injected to increase
the number of so-called unicorn firms from the current 11 to 20 by 2022 and
R&D investment will be expanded to twenty point five billion but
government’s biggest such investment to date unicorn firms refer to unlisted
firms worth more than one trillion won or 844 million dollars regarding Japan’s
curbs on exports to South Korea of high-tech materials the government vowed
to achieve complete technological independence from Japanese imports the
first goal is to achieve technologically dependence from Japanese imports despite
Japan’s trade curves not a single case of supply disruption has been reported
so far by 2025 the government aims to achieve stable supplies of all 100 items
listed in Tokyo’s trade restrictions against Sawa by pumping in nearly 1.7
billion others a comprehensive package of
countermeasures will also be announced within this month to boost investment
consumption and exports that have been affected by the corona virus outbreak
hand-on Arirang news

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