South Korea's chief economic policymaker said Wednesday that the government will ceaselessly seek deregulation and provide support for startups, which are key to innovation-led growth.
Attending a meeting with businessmen, Finance Minister Kim Dong-yeon said his successor shares the view that smaller firms should play a leading role in the innovation-led growth strategy.
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Finance Minister Kim Dong-yeon (C) speaks during a meeting with businessmen in Seoul, on Nov. 21, 2018. (Yonhap) |
"Startups, their growth and deregulation are very important (for innovation-led growth), and the government will continue efforts for deregulation and induce a flexible labor market," the official said.
Kim is expected to step down soon following a Cabinet reshuffle. Hong Nam-ki, who has been tapped to succeed him, is scheduled to appear before a parliamentary hearing before taking the post of finance minister.
The incumbent Moon Jae-in administration has been focusing on key economic policies centered on income-led growth.
Earlier, the government announced a road map with four key principles -- income-led growth, a job-creating economy, a fair economy and innovative growth -- while it came up with a tax code revision involving a hike of both income taxes for well-off individuals and corporate taxes for businesses. (Yonhap)
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