Korea’s creative economy aims at venture ecosystem

When President Park Geun-hye introduced her creative economy policy during the election campaign late last year, most people were bewildered by the relatively new concept. The policy’s key points included promoting convergent IT and software technologies, scientific discoveries and technology integrating with cultural content for sustainable economic growth.

“We must lead Korea’s mid- to long-term growth based on knowledge (in science and technology),” Park said when announcing her plan to create the Ministry of Science, ICT and Future Planning, the control tower for the president’s creative economy initiative.

The emphasis on science and technology in the key economic policies of Korean presidents is nothing new, but science and technology or even technological convergence had been overlooked by the former administration of Lee Myung-bak, whose knowledge economy efforts were focused more on facilitating a business-friendly environment for conglomerates.

The concept of a creative economy was just as confusing as a knowledge economy, or even Park’s economic democratization pledge.

For full article, see Korea Herald.

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