Prime Minister Jeong: "We Must Find Opportunities Amid Crisis... Unite Industry, Academia, and Research"

Proposal for a "Strong-Waisted Jar-Shaped Economy" as the Direction for South Korea's Economic Progress

Prime Minister Jeong Sye-kyun

[Asia Economy Reporter Kwangho Lee] Prime Minister Chung Sye-kyun said on the 17th, "The government will do its utmost to overcome this crisis, which will be the final hurdle in the fight against the novel coronavirus infection (COVID-19), while also seeking new opportunities for a leap forward and preparing in advance." He added, "I propose a 'jar-shaped economy with a strong waist' as the direction our economy should take after COVID-19."

Prime Minister Chung made these remarks at the 5th National Industry-Academia-Research Cooperation Committee held at the Government Seoul Office.

He said, "There is a saying that we must find opportunities amid crises," and continued, "According to a recent announcement by the Korea Chamber of Commerce and Industry, no domestic company has newly entered Forbes' 'Global 100 Companies' list in the past decade. From now on, industry-academia-research cooperation must be the foundation to create an ecosystem where innovative small and medium-sized enterprises (SMEs) and mid-sized companies emerge in large numbers every year and grow into global companies. This is essential for our future."

Prime Minister Chung emphasized, "Industry, academia, and research institutes must join forces to quickly establish a system that nurtures sufficient talent in new technology fields such as artificial intelligence (AI) and big data."

He further advised, "Startups should be possible with just brilliant ideas, and industry-academia-research cooperation should serve as a strong support system so that people are not afraid of failure and can engage in research, development, and commercialization."

Additionally, he warned, "As the working-age population rapidly declines and regional disparities deepen, companies, universities, and research institutes in local areas are losing vitality. Without balanced regional development, the nation's overall innovative growth cannot be achieved."

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