Gov’t seeks a new growth engine

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Gov’t seeks a new growth engine

Korea’s economy needs a new growth engine for sustainable growth, and this could come from deregulation and increased productivity in the manufacturing sector, the country’s chief economic policymaker said Tuesday.

“In order to achieve a sustainable growth for our economy, we need to seek deregulation and nurture start-ups,” Finance Minister Kim Dong-yeon said in a meeting with young businessmen. “But we also need to create a new revenue source through deregulation and improve the manufacturing sector’s productivity,” he said.

The finance minister stressed that innovative growth is one of the Moon administration’s four key policies. “The government will make efforts to clear hurdles for start-ups, lower entry barriers and increase funding for new businesses,” he said.

He said the government would provide more support to companies just getting started and redouble efforts to get rid of unnecessary rules, measures that are critical for stimulating the country’s innovative growth.

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