The Park Geun-hye administration, which has been promoting ‘creative economy’ as a key policy, confirmed the details of the ‘Creative Economy Action Plan’ at the Cabinet meeting held on June 4. The Creative Economy Action Plan is a strategy that utilizes Korea’s science, technology and information and communications technology (ICT) capacity, all of which are Korea’s strengths. It establishes a vision for ‘realizing a new era of happiness for the Korean people through a creative economy’ and lays out three goals: creating new jobs and markets through creativity and innovation, strengthening Korea’s global leadership through a creative economy, and building a society where creativity is respected and manifested.

The government has also proposed six strategies, which are accompanied by three to five tasks each. The six strategies consist of the following: properly compensating for creativity and building an ecosystem that promotes the creation of startups, strengthening the role of ventures and small- and medium-sized enterprises (SMEs) and boosting their ability to enter global markets, developing growth engines to pioneer new markets and industries, fostering global creative talent, enhancing the innovation capacity of science, technology and ICT, and promoting an environment in which the government and the people work together to build a creative economy.

* Source : Ministry of Strategy and Finance and Korea Development Institute, Economic Bulletin Vol.35 No.6 (June 2013).
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