UPDATE : 2018.9.19 WED 10:37
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State firms to spend over 30 tln won to nurture innovative growth

State-led companies plan to spend over 30 trillion won (US$27 billion) in key leading sectors, such as autonomous driving, by 2022, thus creating an environment for private companies to seek innovative growth, the country's chief economic policymaker said 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 for innovative growth is very important.

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

Innovative growth is one of the key economic goals sought after by the Moon Jae-in government, along with income-led growth.

Finance Minister Kim Dong-yeon (2nd from R) speaks at an economy-related ministers meeting in Seoul on Aug. 2, 2018. (Yonhap)

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 newly created by 2022 under the support measures. (yonhap)

Sua Kim  edt@koreapost.com

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