SEOUL, KOREA - The government will spend 40 trillion won for the next five years as part of a creative economy initiative and create as many as 650,000 jobs. Government ministries held a joint briefing on June 5 at the government complex in downtown Seoul and announced an action plan to foster the creative economy ecosystem. Earlier on May 15, the government had revealed a plan to finance tech ventures and new startups.
Over the next five years, the government will spend 40 trillion won, including 6.9 trillion won this year, on fusing science technology and ICT (information and communications technology), thereby establishing the "creative economy ecosystem," said Choi Mun-kee, minister of science, during the press briefing.
Minister Choi said, "Our strategy of pursuing economic development, which have been the driving force behind our economic growth in the last 40 years have hit a limit against the backdrop of global economic crisis and pursuit by emerging industrial countries." "We have come up with this strategy to transform our economy from pursuing an advanced economy through imitation and applying already-existing technologies to a leading economy founded by the creativity of the people."
The government, however, said it would need more time to come up with detailed plans for different industrial sectors. But it would announce plans for software innovation, digital content promotion, growth support strategies for mid-sized companies by the end of June.
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