Finance minister pledges to help innovation

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Finance minister pledges to help innovation

State-led companies plan to spend over 30 trillion won ($27 billion) in key sectors, such as autonomous cars, by 2022, to create an environment where private companies can seek innovative growth, the country’s chief economic policymaker said on Thursday.

“To boost innovative growth, state-run companies will play a vital role, and they will spearhead investment,” Finance Minister Kim Dong-yeon said in an economy-related ministers meeting.

“The government will also expand support programs for startups and share public data with private companies for their business opportunities,” he said.

The minister stressed that the private sector’s role in innovative growth is important.

“The government will continue efforts for deregulation as well,” he said.

The government earlier unveiled a set of support measures to boost innovative growth by providing funding and other incentives to eight key sectors such as smart farms, smart cities, fintech, drones and electric vehicles and artificial intelligence.

The government said it will also take drastic measures to ease regulations that have been blocking new industries and technologies from moving forward.

The ministry said the government will launch a 2.6 trillion won investment fund for startups this year, the first portion of a proposed 10 trillion won investment fund that is to be created by 2020.

Under the comprehensive plan, the government will focus on expanding the money supply for fledgling enterprises and creating a venture-friendly environment.

The ministry said a total of 300,000 jobs will be created by 2022 under the support measures.

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