Creative Economy
Focusing on Innovative and Future-oriented Growth
23 July 2013 - 1:27pm
The Korean government has announced its master plan for a creative economy, and which is characterized by efforts for the creation of new markets and decent jobs through the combination of creative ideas and information and communications technologies (ICT).
A briefing session was held on the morning of June 5 in a government complex located in Seoul, attended by the Minister of Science, ICT and Future Planning Choi Moon-ki and vice ministers of related authorities. The plan, subtitled 'Measures for Establishment of Creative Economic Ecosystems,’ was finalized in the preceding day’s Cabinet meeting chaired by Prime Minister Jeong Hong-won.
“The catch-up strategy that has led our economic growth during the past 40 years has reached its limit, with emerging economies speeding up their growth and the global economic crisis exacerbating these days,” said the minister, adding,“The new plan is to shift the paradigm of economic growth from imitation and application to innovation based on the creativity of the Korean people.” He added that the plan aims to realize a new era of happiness and well-being by means of economic creativity along with three goals: the creation of new markets and jobs through innovation; enhancement of global leadership in the international economic arena; and realization of a society where creators are respected.
At the same time, the ministry made public the following six action plans: establishment of business-friendly ecosystems in which creativity receives reasonable compensation; promotion of venture firms and small and mid-size enterprises (SMEs) for higher global competitiveness; creation of new growth drivers for the exploration of new markets; fostering of ambitious and creative human resources with a challenging spirit; strengthening of scientific and ICT competence that form the foundation of a creative economy;and joint endeavor by the people and government for the development of a creative economic culture.
Paradigm of Financing Shifted from Loans to Investment
The government aims to focus more on the national investment pool than the loan pool down the road in a bid to make it easier for start-up firms to receive financing in return for their creative ideas and business potential. Specifically, it is planning to facilitate angel investment and crowd funding, while raising the Future Creation Fund to at least 500 billion won. In addition, it aims to ease stock market and M&A-related regulations in order to help investors make more aggressive investments