• Thu
  • Jul 31, 2014
  • Updated: 7:44pm
BusinessEconomy

South Korea to rebalance economy by boosting innovation, cutting red tape for business

PUBLISHED : Wednesday, 22 January, 2014, 3:17pm
UPDATED : Wednesday, 22 January, 2014, 5:14pm

South Korea said on Tuesday it was launching a three-year plan aimed at making its economy more attractive by focusing on innovation and cutting red tape for business.

Speaking on the eve of the World Economic Forum in Davos, South Korean President Park Geun-hye said the plan aimed to rebalance the country’s economy, which is heavy on manufacturing and export-driven but where services are comparatively less developed.

“Starting from today, we are launching a three-year plan for economic innovation … to build an economy whose fundamentals are strong,” said Park, who was speaking at a private reception.

She said the plan aimed at making the country more attractive for business by shrinking and simplifying regulation.

“We will revisit from scratch all regulations that are helping business,” she said, promising to keep in place only rules “that are absolutely necessary”.

“We will provide ‘one-stop shop’ services for investments,” she said.

For her keynote speech on Wednesday, Park chose to be accompanied by the rapper Psy, famous for his worldwide hit Gangnam Style and whom she described as a symbol of the “creative economy” that she would like to champion for South Korea.

The country, which Park said was looking to complete a free-trade agreement with China, would continue to be an open economy.

“In the past, every time Korea has opened its doors, some voices of apprehension have emerged. But in fact being open has enhanced our competitiveness,” she said.

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