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INVESTMENT, INNOVATION KEY TO S KOREAN GROWTH: MINISTER.

AsiaPulse News

| March 03, 2008 | COPYRIGHT 2008 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SEOUL, March 3 Asia Pulse - Fueling business investment and strengthening competitiveness through innovation is a key policy goal of the new administration, the head of the knowledge-based economy ministry said Friday.

Lee Youn-ho said in a speech delivered to employees that South Korean industry must be transformed into a more value-added, innovation-oriented structure that can help create good jobs and stimulate growth.

The former vice chairman of the Federation of Korean Industries (FKI) said that to get companies to invest more, the government must create a business-friendly environment by removing restrictions.

"The government must take the lead to remove red tape that adversely affects competitiveness, with officials taking aggressive steps to listen to the grievances of front-line entrepreneurs and establish a regime to address any problems in a systematic manner," he said.

He said for South Korea to push up per capita income to US$30,000 from its current $20,000, the country must strive for more value-added products in industries that it ...

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