70% employment, 4% GDP Growth and completion of plan by 2017
President Park Geun-hye disclosed on Feb. 25, 2014 a package of ambitious measures to boost the Korean economy, and resolve various problems in the way in the development and growth of the Korean economy.
Published on the occasion of the beginning the second year of her office, the three-year economic development plan was termed ‘747’ where the first 7 meant 70% employment, 4 stood for 4% annual GDP growth and her plan to raise the Korean people’s per-capital GNI to US$40,000. The last 7 was for completing the economic development plan by 2017--before the end of her term as the President of the Republic of Korea.
Earlier on Jan 6 at the New Year press conference this year, President Park pledged that she will prepare a concrete plan to renovate the Korean economy with an eye to revitalizing the somewhat sagging economy.
She said: “We are at important crossroads where we are forced choose one between further progress and retrogression. If we cannot change our economic conditions and eliminate the abnormal practices of convention we will not be able to free ourselves from the shackles of low growth we have been suffering from quite for some time. If we cannot do it, there will be no future for us.”
In order to attain the goals of the 4% economic growth, 70% employment rate and a per-capita GNI of US$40,000, President Park disclosed a list of 100 different tasks, and proposed to carry out reforms of the state corporations, strengthening of the social safety network, reduction of the restrictions, development of services industry and solving of he problems of the family debts and abnormal increase in the housing rent.
She also proposed the creation of a public fund to assist the qualified Korean businesses to get themselves listed on the stock market of the advanced countries of the world.
Howsoever, according to economic experts, many of them are seen overlapping with the 140 administrative tasks of various offices of the government already published.
President Park said that the government tried to prepare concrete plans for the implementation of the plans instead of announcing any new plans that may not be actually carried out. Observers say that this was a good idea because if the government should find it difficult to honor the promises it has already made it would make the people disappointed.
President Park stressed the importance of a healthy and sound economy, dynamic and renovative economy, and an economy that is well balanced between domestic market and export.
Then she laid emphasis on the importance of reforms and adherence to the principle to the letter in the public sector, improvement of the social safety network, creative economy based on forward-looking future-oriented investment at home and abroad, expansion of the domestic consumer market, improvement of investment climate and increase of employment of the youth and women.
She said that the 3-year economic development plan is designed to be completed before the end of the tenure of her office. She said, “If we fail to carry out the reforms now for the acquisition of a new growth engine, we will find ourselves sliding back down to the time of past difficulties.”
Earlier, President Park had referred to the traits of a Jindo dog that never released its bite of its adversary until its aim had been fully fulfilled. She meant that the government officials should try to do their best and carry out their tasks in the spirit of a Jindo dog.
President Park also hinted the use of a ‘one strike out’ principle where if any a government official should err once there will be no giving of any chance as in the case of baseball. She meant that if any official or organization made any mistake she would not give them any chance but take a punitive action right away.
President Park announced that the government will allocate 4 trillion won in the next three years for nurturing new start-up venture businesses for the implementation of the creative economy plan.
President Park Geun-hye to hold summit meeting with Danish Prime Minister
Prime Minister Helle Thorning-Schmidt of the Kingdom of Denmark is scheduled to make an official visit to Korea March 5-8. President Park Geun-hye and Prime Minister Thorning-Schmidt will hold a summit on March 7 to discuss the strategic partnership and green growth alliance between the two countries.
They are also expected to have in-depth discussions on how to increase trade and investment and how to expand substantive cooperation in cultural exchanges and healthcare. In addition, the two leaders will exchange views on the latest developments surrounding the Korean Peninsula and in Northeast Asia.
Prime Minister Thorning- Schmidt is the first woman to be prime minister in Danish history. The forthcoming summit is significant in that it brings together the first female heads of government of the two countries. The Danish Prime Minister’s visit to Korea follows the official visit to Denmark by Prime Minister Chung Hongwon last October and will include a meeting and dinner with Prime Minister Chung.
Accompanying Prime Minister Thorning-Schmidt on her visit will be a delegation of 68 Danish business leaders, the largest such delegation to be sent by Denmark to any country.
As the Danish business leaders will be looking into possibilities for investment in Korea and cooperation with Korean businesses, their visit is being anticipated as a good opportunity to reinvigorate bilateral trade and investment as well as promotion of friendship.