Growing technology and Hallyu

In 2016, Korea is faced with the challenging reality of not knowing how its economy will make money in 10 years. The growth rate of the manufacturing sector is constantly declining, and emerging economies are catching up in technological industries, as international attention at the Consumer Electronics Show in Las Vegas was on China’s electric vehicles. Analyses also show that Korea’s leading technologies are behind those of competitors. How can Korea continue to grow in the future?

The answer can be found in the global trend of creating new products and markets by converging technology and culture. As the cases of MIT Media Lab’s E Ink, “Star Wars: The Force Awakens” and AmorePacific’s K-beauty demonstrate, innovation that combines culture and technology is leading the global trend of technological development. Korea already has outstanding ICT technology, and the Korean Wave based on cultural assets has become a global brand. In the first quarter of 2015, the rate of Korea’s export growth decreased by 2.9 percent, but the rate of K-product export increase was 13.5 percent in the same period. As seen in these cases, we need to seek ways to integrate technology-based creative economy and culture, and create synergy to overcome the crises we face.

First, the government will reinforce the creative economy platform with civilian participation and will support continued development of the creative economy to complete a sustainable ecosystem for the creative economy.

Second, the nature of the Korean economy will be drastically changed so that culture leads the economy, industries are dressed in culture and industries become a culture.

Third, the flow of finance will be reinforced to support the creation of outcomes and make finance a new growth engine.

Fourth, a new broadcasting and communications industry will be created, and deregulation and promotion of fair competition will vitalize it.

Fifth, the Korean Wave in medicine will become a global brand, and pharmaceutical and medical equipment industries will be new growth engines.

In history, there have always been crises, and every time, we made the best available choices to turn the crisis into a chance for a leap. In order to overcome the crisis, we need to combine outstanding technological capacity with our own cultural assets as a catalyst for economic growth. With the interest and participation of citizens, each policy will become effective, and I am sure a brighter future awaits us. By creating new growth engines and preparing a sustainable growth foundation for the next 10 years, I dream of Korea’s future as one of the top seven economies with 50,000 dollar per capita national income.

Choi Yang-hee, Minister of Science, ICT and Future Planning