Won Hee-ryong "Creating a 100 Trillion 'Future Sovereign Wealth Fund' for 5 Major Science and Technology Innovations"

Purpose of Creating Food Sources for the Next 30 Years
Concepts such as Sunset Regulations and Commercial Test Beds

People Power Party presidential primary candidate Won Hee-ryong is holding a press conference on the morning of the 2nd at the National Assembly Communication Office in Yeouido, Seoul, announcing his pledge for the "Public Procurement Basic Act," a national chance for innovative growth and a growth platform for future industries. [Image source=Yonhap News]

[Asia Economy Reporter Park Jun-yi] Won Hee-ryong, the presidential candidate from the People Power Party and former governor of Jeju Province, announced plans to establish a 100 trillion won-scale 'Future National Wealth Fund' jointly by the government and the private sector to develop future growth engines. He also stated that he would introduce a 'regulation sunset clause' to reorganize existing regulations and form a pan-governmental organization for five major scientific and technological innovations.

On the afternoon of the 5th, Won held a press conference at the People Power Party headquarters and announced the second innovation growth pledge, the 'Future 30-Year Growth Strategy.'

He diagnosed, "Among the top 10 industries that have sustained us over the past decade, except for semiconductors and fine chemicals, all have recently shown stagnation and decline in growth," adding, "A red warning light has been lit for Korea's future growth and development."

He continued, "It is a basic principle to eliminate unnecessary interference and unreasonable regulations so that entrepreneurs and businesspeople can focus on economic activities and to create an innovative environment," and declared, "I will draw a big picture that only the state can and must do to create growth engines for the next 30 years."

Won promised that if he becomes the next president, he will create a 100 trillion won-scale 'Future National Wealth Fund' jointly with the private sector. The plan is to invest 20 trillion won each in five national-scale mega science and technology innovation projects. Specifically, these include ▲ future energy ▲ life sciences and medical care ▲ ultra-advanced transportation infrastructure ▲ data and artificial intelligence ▲ aerospace sectors.

He also said he would support the industrialization of scientific and technological innovation projects through the 'regulation sunset clause' and 'pan-government projects.' The plan is to eliminate existing regulations to pioneer new markets. Furthermore, he pledged to form pan-governmental organizations for each of the five projects to provide 'one-stop' administrative support.

He stated, "The government's role is to develop markets so that investments can be recovered and to provide institutional and policy support," adding, "I will fundamentally change the current system where, like the Moon Jae-in administration’s eight leading projects, eight ministries become entangled, causing confusion in the private sector and generating administrative costs."

He also announced plans to develop a 'Live Test-bed' accessible worldwide. This is a vision to build infrastructure in Korea where various innovative activities can take place. He explained, "Just as satellite launch technology belongs to New Zealand and special-purpose vehicle technology to Sweden, we will create infrastructure and an environment for a live test-bed where global innovation activities are conducted, making Korea the country most visited by innovators and fostering related industries."

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