Future Growth Engines: Government with New Strategies for Development of Future Growth Engines | BusinessKorea

Thursday, September 03, 2015

The Government Complex in Sejong City, North Chungcheong Province.
The Government Complex in Sejong City, North Chungcheong Province.
24 April 2014 - 3:33pm

Korea’s Ministry of Science, ICT and Future Planning held the 8th Creative Economic Committee meeting between April 18 and 21, and determined to set up ministry-specific action plans for 13 national future growth drivers.

Notable fields out of these 13 are 5G telephony, to be overseen by the Ministry of Science, ICT and Future Planning; smart vehicles, to be jointly handled by the Ministry of Land, Infrastructure and Transport, Ministry of Science, ICT and Future Planning, and Ministry of Trade, Industry and Energy; intelligent robotics, to be overseen by the Ministry of Trade, Industry and Energy; customized wellness care under the eyes of the Ministry of Science, ICT and Future Planning and Ministry of Trade, Industry and Energy; and intelligent semiconductors to be cultivated by the Ministry of Science, ICT and Future Planning. Also, the ministries are going to establish joint entities in those fields where multiple competent authorities are present, including wearable smart devices and convergence material research.

At the same time, seven new tasks have been fixed as new inter-ministerial collaboration tasks for the creative economy. The Ministry of Science, ICT and Future Planning, for example, guides the globalization of start-ups and their specialization by growth phase, industry, and region, by means of global accelerators supporting venture and start-up companies. The Small and Medium Business Administration, in the meantime, helps big businesses run start-up planners while trying to improve the relevant laws with the Ministry of Science, ICT and Future Planning.

The Ministry of Environment is planning to back up the construction of electric vehicle (EV) charging facilities and subsidize EV purchasers. The Ministry of Trade, Industry and Energy, meanwhile, will assist in the technological development for EV driving distance extension and the business of auto parts companies manufacturing key EV components.

During the meeting, the committee also deliberated on the national plan for turning government-invested research institutes into R&D bases for small and mid-size enterprises, which was drafted jointly by the Ministry of Science, ICT and Future Planning, the Ministry of Trade, Industry and Energy, and the Small and Medium Business Administration. The plan is scheduled to be finalized at the National Science & Technology Council on April 23.

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