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PM Hwang Kyo-ahn introduces Korea's flagship policies in taking on the Fourth Industrial Revolution Updated: 2016-06-28 02:51:53 KST

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2016-06-28

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"The global economy has not been able to recover from its slump of slowing trade and investment‚ structural reforms‚ and low productivity. The aftermath of Brexit last week has created even more uncertainties." When facing a flagging global economy and the changing dynamics brought by the cyber physical Fourth Industrial Revolution‚ it is a common challenge for countries to identify new engines of growth and productivity as well as introduce short-term stimulus measures. That's according to Prime Minister Hwang Kyo-ahn on Monday‚ who introduced Korea's flagship "Creative Economy" initiative as an example‚ during a special session at the World Economic Forum. "By improving venture and start-up programs as well as cutting red tape‚ Korea‚ for the last three years‚ has aimed to expand a virtuous cycle of venture‚ growth‚ return on investment and reinvestment. Last year‚ there were more than 30-thousand companies established and venture investment exceeded 1.6 billion U.S dollars." Hwang also highlighted the nationwide network of 17 creative economy centers‚ which has produced various innovations from wearable electronic generators that run on body heat‚ to smart watches for the visually impaired. Looking ahead‚ Prime Minister Hwang said the government will continue to take on the fourth industrial revolution‚ fusing the ICT and manufacturing sectors by furthering its various support policies. These include nurturing a trained labor force‚ introducing regulatory‚ financial and educational reforms as well as tax benefits‚ and support in R&D. Hwang also added that creative economy initiatives will proactively respond to the aftermath of Britain's withdrawal from the European Union. After his speech‚ Hwang further discussed the future of Creative Economy with the forum's executive chairman Klaus Schwab. The two also exchanged views on how regulatory reforms can spark brand new industries. Oh Soo-young‚ Arirang News. Reporter : osy@arirang.co.kr

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