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The government has set a goal to create 22 new future growth engines that will contribute to the country's economy after semiconductors, shipbuilding and cars over the next five to 10 years. In a briefing to President Lee Myung-bak on Monday, the Ministry of Knowledge Economy and a task force on the planning of new growth engines reached the final decision on the sectors. The session was held at the Electronics and Telecommunications Research Institute in Daejeon.
The future growth engines include pollution-free coal energy, marine biofuel, solar cells, fuel cell development systems, nuclear power plants, green cars, ship and marine systems, displays, next-generation wireless communications, LED lighting, robots, new nanofusion materials, new bio-medicines and medical equipment, cultural contents and healthcare.
The vision was created by about 360 industrial experts, academics and researchers who have worked on the project since March. They began research based on their understanding that the Korean economy faces a crisis, with Korea ranking 12th among the world economies for the past 15 years. In contrast to the previous governments' economic development strategies, the project was carried out at the initiative of the private sector.
Key sectors in the new future growth engines are energy and environment, including pollution-free coal energy that can produce synthetic fiber using low-grade coal; seaweed-based marine biofuel that substitutes coal energy; and solar cells. Eight industries are directly related to the government¡¯s "low carbon, green growth" vision. A total amount of W35.37 trillion (US$1=W1,143) will be injected into these eight industries from the government and private sector over the next five years, accounting for 36 percent of the total amount projected.
Oh Moon-suk, a senior economist at LG Economic Research Institute, said, "We need to seek substance for the new future growth engine industries, with the government concentrating more energies on policy implementation and enterprises focusing on enhancing their competitiveness."
(englishnews@chosun.com )
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