South Korea will seek drastic deregulation and provide support to foster innovative growth, the country's finance ministry said Friday.
Under a set of support measures unveiled earlier, the government will provide funding and other incentives to eight key sectors such as smart farms, smart cities, financial technology, drones and electric vehicles and artificial intelligence.
"The government will accelerate its move toward easing regulations for innovative growth ... and will fully support innovative growth by companies and the market," Finance Minister Kim Dong-yeon said in an economy-related ministers meeting.
|Finance Minister Kim Dong-yeon speaks during an economy-related ministers meeting in Seoul, on June 8, 2018. (Yonhap)|
Earlier the government said it would focus on expanding financial support for fledgling enterprises and creating a venture-friendly environment. The minister said the government is aiming to help create over 100,000 startups this year through fiscal support and investment funds.
Kim said earlier that South Korea's economy needs critical growth momentum to mount a sustainable expansion going forward and stressed that innovative growth is crucial in that context.
Innovative growth is one of key economic goals sought after by the Moon Jae-in government, along with income-led growth. (yonhap)
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