4.2 The Key Targets and Major Policies of the Second Five-Year Plan
The major thrust of the second five-year plan to expand the industrial base for both import substitution and export promotion (two tier approach). At that time, the external sector had become the major preoccupation of the planner. Korea by then was in a position to implement an outward-oriented development strategy or nation-building through exports.
The major targets of the plan were (i) to modernize the industrial structure, and (ii) to promote a self-sufficient economy during the planned period. The major policies were placed on (i) self-sufficiency in food production, and the development of the forestry and fishery resources; (ii) the formation of the basis for industrialization; (iii) the improvement of balance of payments with an export target of U.S. $ 700 million; (iv) the increase of employment, family planning and population control; (v) the diversification of crops and a rise in farmer income; and (vi) the improvement of technology and productivity through the promotion of science and technology, and manpower development