Korea has entered a period of low growth. A slew of analysts say it is heading in a direction similar to Japan’s “Lost Decade.” With 1 percent growth coupled with the global economy facing further slowdown in 2013, the outlook for Korean exports, the country’s main source of growth, is not looking rosy.
President-elect Park Geun-hye, who has an engineering background, sees a need to overcome future economic maelstroms by prioritizing job creation through science and technology. Her policy on growth relies on innovation, technology convergence and creativity, while encouraging the young, scientists and engineers to take on risks and challenges.
In all aspects, her S&T policy focuses on transforming Korea into a start-up nation, not for the sake of achieving higher gross domestic product, but job growth that can eventually help boost public welfare. Park is banking on job creation to improve living standards, and start-ups backed by creative science and technology are a big part of her plans to realize it.
“Science and technology must contribute to the well-being of people,” Park’s policy paper said. “We must change and pursue new growth based on creativity that can help people achieve happiness.”
For full article see Korea Herald.