Deputy Minister Ki Jae: "Structural Innovation is a Survival Strategy and Growth Policy... Advancing 20 Key Tasks"

2020 Structural Innovation 20 Major Task Implementation Status Check
Dedicated to Productivity Improvement to Raise Potential Growth Rate

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Kim Yong-beom, the 1st Vice Minister of the Ministry of Economy and Finance, said on the 6th, "The government-wide task force will establish four sectoral working groups and a general coordination group for practical work to steadily implement the 20 major structural reform tasks."

Vice Minister Kim made this remark at the 'Structural Innovation Task Force (TF) Kickoff Meeting' held at the Government Seoul Office on the same day.

He stated, "Structural innovation is both a survival strategy and a growth policy," adding, "Although structural innovation will be a very tedious and difficult process, we will pursue it steadily with a long-term perspective together."

He continued, "The focus of structural innovation lies in expanding growth potential, improving productivity, strengthening inclusiveness, and accumulating social capital," emphasizing, "Above all, priority must be given to overcoming low growth by raising the potential growth rate."

Vice Minister Kim also stressed the need to improve productivity in line with the changing environment. He explained, "The era of the 4th Industrial Revolution will be a window of opportunity for technological innovation and productivity improvement," adding, "We must efficiently utilize digital technologies to increase productivity and find ways to offset the negative impacts of demographic changes and deglobalization."

Furthermore, he said, "Although signs of economic improvement have become clearer recently, concerns about the impact of the novel coronavirus infection (Wuhan pneumonia) on our economy are growing," and expressed, "The government will do its utmost to minimize the inconvenience to the public and the ripple effects on our economy."

He added, "We will not neglect the promotion of structural innovation to raise the potential growth rate in the mid to long term," and requested, "We ask for government-wide cooperation and the interest and support of the public."

Meanwhile, the meeting discussed ▲ the operation plan of the Structural Innovation TF ▲ the status check on the implementation of the 20 major structural reform tasks ▲ the discovery of additional structural reform tasks and future promotion directions.

This content was produced with the assistance of AI translation services.