Economic Blueprint

[Anchor Lead]

President Moon Jae-in has laid out a blueprint for "innovative economic growth," which is a key economic strategy of the Moon administration along with the concept of income-led growth. President Moon also vowed to introduce what's called a "regulatory sandbox" for new industries which will remove regulatory hurdles for a certain period.

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President Moon Jae-in talks to a Pororo character in the form of an artificial intelligence robot while attending the launch ceremony of the presidential commission on the fourth industrial revolution.

[Soundbite] "Who are you? What is your name? (I am President Pororo.) You're also a president? (That's right, the president of the kids, 'President Pororo.')"

In a meeting with entrepreneurs of small-and-medium-sized companies and venture capital firms, President Moon stressed that the fourth industrial revolution which has already arrived will serve as the power engine behind innovative growth.

[Soundbite] Pres. Moon Jae-in : "I expect the launch of the commission will lead to a blue print on innovative growth and mark the starting point of uncovering new growth avenues for the Korean economy."

He said that global tech firms such as Apple and Google were forging into new industries armed with fourth industrial revolution technologies. He said the government will introduce what's known as a "regulatory sandbox" to better foster new industry sectors so that companies can do business free of regulations for a certain period of time. The government says the eased regulations will apply to the financial technology sector and big data-related fields where there are typically heavy regulations for privacy protection. The government will also expand investment in artificial intelligence and the Internet of things and also focus on advancing self-driving cars and drones.

[Soundbite] Pres. Moon Jae-in : "Youths brimming with new ideas and technologies must be able to freely do business. Korea must become an innovation-friendly start-up nation that achieves growth through fair competition."

The president also promised to strengthen financial support for start-ups and firms reentering the business sector so they can receive necessary support in their respective growth stages.