Govt. launches panel on financial support for new growth engine

Published : Feb 21, 2017 - 16:06 Updated : Feb 21, 2017 - 16:06

South Korea launched a government-civilian panel on Tuesday to serve as a "control tower" for finance-related support for efforts to promote new growth engines.

The New Growth Committee is meant to effectively allocate policy funds in the field, as Asia's fourth-biggest economy prepares for the fourth industrial revolution era.

Yim Jong-yong, chairman of the Financial Services Commission, in an undated file photo. (Yonhap)

"Especially in the financial sector, the government will actively expand support for start-ups and small and medium-sized venture firms, which would play a key role in the fourth industrial revolution era," Yim Jong-yong, chairman of the Financial Services Commission, said in an inter-agency meeting. "The launch of the committee is very meaningful."

The country plans to spend 40 percent of 187 trillion won ($171 billion) in its entire policy funds this year for new growth engines.

Yim stressed that the government will make "pre-emptive" efforts to turn South Korea into a leading country in the field.

The committee, which includes nine civilian experts, will pick industries to receive financial support every six months. (Yonhap)