Korea’s national mid- and long-term strategies must buttress sustainable economic growth and social integration in order to pursue true co-prosperity, the Finance Ministry said on Wednesday.
The government also must make investments into promoting advanced technology and improving human resources to adapt to the changing economic and demographic environment, the ministry said.
The Finance Ministry this week announced the mid- and long-term strategies for Korea to pursue as President-elect Park Geun-hye is expected to soon form a transitional government to become the next president.
Park will implement across-the-board changes under her leadership as calls for new policies are being made on the government to address the changing global and domestic economic and social conditions.
To continue making economic progress while at the same time keeping society together amid little or no global economic growth, the government will have to increasingly make more investments in value-added sectors of the economy, such as creativity and innovation, the ministry said.
International organizations such as the International Monetary Fund forecast the world economy to grow at about 3.6 percent next year, down from its earlier forecast of 3.9 percent.
Against this backdrop, Korea is called on to transform into a so-called “smart knowledge economy.”
Human resources at such a time is of equal importance, officials said, in order to add more value.
In a similar vein, Korea is pushed to address the problem of the ageing population since by 2026, more than 20 percent of the population will be aged 65 years or older.
More investment from China, Korea’s top partner in trade, was also on the list of the ministry’s priorities.
The ministry suggested forming a “China Valley” in a region in Korea that is focused on trade with China that has strong related infrastructure to eventually turn into an exclusive investment zone for Chinese investors, mostly in the fields of renewable energy and eco-friendly businesses.
To further turn Korea into a foreigner-friendly country, the government suggested offering more residential benefits for foreigners who have a strong professional background.
For the multicultural families here whose numbers are on the rise, the ministry said measures should be considered to offer more television and media channels in diverse native languages.
This is because in the long term, equal opportunities for all will be a key prerequisite for creating a better society, the Finance Ministry said, in line with the president-elect’s policy pledges.
By Kim Ji-hyun (
jemmie@heraldcorp.com)
