Moon urges govt to speed up projects for innovative growth

President Moon Jae-in on Tuesday called for ministries to speed up their projects on innovative growth and produce visible results.

“The concept of innovative growth can only be abstract,” Moon said at a meeting on innovative growth with some 120 officials of the government, the ruling party and the presidential office.

“What is more important than the concept is to show the people what innovative growth is, through specific projects.”

Innovative growth is one of the “four wheels” of the “people-centered economy” that Moon has advocated. The other three are job growth, income-led growth and fair economy. 

As more focus was given to raising the minimum wage, the reform of chaebol and giving permanent job status to irregular workers during the first few months of the Moon administration, little was discussed about innovative growth. Tuesday’s meeting was to give impetus to the government’s projects for innovative growth.

Stressing that the private sector and small and medium-sized companies should play a leading role in innovative growth, Moon said the government should innovate regulations to support the private sector.

“The innovation of regulations on new industries and new technologies is a must. The imagination of the private sector should not be held back by old regulations and practices,” Moon said at the beginning of the meeting that he presided over.

“The speed and timing are important in innovating regulations. (The government) must listen to the wisdom of the private sector and voices from the (industrial) fields.”

The president appointed Deputy Prime Minister of Economic Affairs and Finance Minister Kim Dong-yeon as the control tower of innovative growth, and asked the ministries and relevant committees to fully cooperate.

Following Moon’s opening remarks, Finance Minister Kim gave a presentation on the direction and main tasks of innovative growth. Deputy Prime Minister for Social Affairs and Education Minister Kim Sang-gon then spoke about ways to foster manpower for innovative growth.

“Innovative growth is raising productivity and efficiency through innovation in society and the economy,” Finance Minister Kim said.

The ministries of science, SMEs and startups, agriculture and industry as well as the finance committee also presented their strategies for innovative growth such as plans for smart factories, smart farms, financial technology and renewable energy.

Those who attended the meeting included Prime Minister Lee Nak-yon, the two deputy prime ministers, Democratic Party of Korea leader Choo Mi-ae and Democratic Party Floor Leader Woo Won-shik.

By Kim So-hyun (sophie@heraldcorp.com)