[The Editors' Verdict] Digital Innovation in the Next 5 Years Will Shape the Next 50 Years

Published 10 Feb.2022 13:42(KST)

Having endured the unprecedented COVID-19 crisis and the US-China technological hegemony war over the past two years, we now face a moment of choice with the presidential election. Although there is self-congratulation that we have surpassed a national income of $30,000 and entered the ranks of advanced countries, the gap in core technologies with advanced nations remains, and disparities between classes and generations have yet to improve.

In this situation, over the next five years, we must first overcome COVID-19 to firmly restore our economy and heal the widening gaps between social classes. Next, we face the challenge of securing cutting-edge technological capabilities amid the competition and hegemonism of advanced countries to leap forward as a global hegemonic power. Additionally, we must respond to climate change, population decline, and aging. Thus, economic recovery through overcoming COVID-19, resolving inequality, technological hegemony, climate change, and addressing population decline and aging can be considered the five major missions of the next government. The most important means to achieve these is 'digital innovation.'

In a survey conducted by the Korean Association for Public Administration last December, the top priority for the next government was not symptomatic treatment of current difficulties but fundamental problem-solving through 'preparation for the Fourth Industrial Revolution.' In mega-trend research, the public chose a society where everyone benefits from continuous and bold innovation, rather than mere stability, as the primary national agenda.

Now, digital means more than just ICT technology and services. Digital is a universal tool that drives changes across our lives by creating various new industries that lead growth and generate employment, enabling a humane life through reduced working hours and improved quality of medical services.

To achieve digital innovation, first, we must secure global competitiveness in cutting-edge technologies. We need to establish technological capabilities in data and artificial intelligence, 6G, quantum computing, semiconductors, and cybersecurity. Second, we must nurture the best digital industrial ecosystem and core innovative companies to lead the digital transformation. Beyond existing fields such as semiconductors, mobile phones, and digital devices and content, world-leading companies should emerge in digital platforms, virtual convergence industries, and fintech sectors.

Third, we must secure the workforce to carry out the digital transformation. As promised by presidential candidates, we should cultivate one million digital core talents and foster the necessary workforce through lifelong education, vocational training, and primary and secondary education curricula during the transformation process. Fourth, we must boldly reform regulations that hinder digital innovation and strengthen digital inclusion so that all citizens can equally enjoy the benefits of the digital transformation. Finally, comprehensive and coordinating systems such as a Chief Digital Innovation Officer and a Digital Transformation Promotion Committee should be established to implement these nationwide digital innovation policies.

Fortunately, presidential candidates from both ruling and opposition parties have presented various policy pledges necessary for the digital transformation. However, perhaps because it is not an immediate issue, its importance does not seem as high compared to other fields. Yet, history shows that technology has been the most important driver of economic and social change and development. Who leads in developing and utilizing technology determines a nation's rise and fall. For the first time in its 5,000-year history, Korea has the opportunity to lead the world in digital technology. We must not forget that the achievements of digital innovation over the next five years will determine our lives for the next 50 years.