Vice Minister of Economy: "Economic Innovation Cannot Rely on Government Power Alone... Private Sector Must Blossom"
Kim Yong-beom, 1st Vice Minister of Strategy and Finance, Chairs the 3rd Public-Private Innovation Growth Council Meeting
[Sejong=Asia Economy Reporter Kim Hyunjung] Kim Yongbeom, the 1st Vice Minister of Strategy and Finance, emphasized that the crisis caused by the spread of the novel coronavirus infection (COVID-19) is igniting the spark of innovation, and that it must bloom in the private sector.
On the afternoon of the 19th, Vice Minister Kim presided over the '3rd Public-Private Council for Innovative Growth' at the Korea Trade Insurance Corporation conference room, stating, "The world changed by COVID-19 demands faster innovation."
He said, "As non-face-to-face lifestyles become established, the flow of the 4th Industrial Revolution is accelerating, and the clear skies witnessed during the experience of infectious diseases and lockdowns will trigger interest in climate change and the environment," adding, "How we prepare for and respond to these changes will determine the course of our economy in the post-COVID era."
Vice Minister Kim stressed that although the Korean government is promoting key tasks such as the Korean New Deal and post-COVID measures after the spread of COVID-19, innovation across the entire economy requires the role of the private sector. He said, "Innovation across our entire economy cannot be achieved by the government alone," and "Ultimately, it must bloom in the private sector."
Hot Picks Today
As Samsung Falters, Chinese DRAM Surges: CXMT Returns to Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- Man in His 30s Dies After Assaulting Father and Falling from Yongin Apartment
- Samsung Union Member Sparks Controversy With Telegram Post: "Let's Push KOSPI Down to 5,000"
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
He also emphasized the role of the Public-Private Council for Innovative Growth as a communication channel in this process. He evaluated, "Of the total 19 policy proposals made at the 2nd meeting, 18 were reflected in the economic policy directions for the second half of 2020, and among them, 5 measures, including tax benefits for cloud users, have been completed and are currently being implemented," adding, "It is establishing itself as a channel for joint consideration and communication."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
