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(LEAD) Park touts her creative economy drive

All News 21:22 September 04, 2016

(ATTN: CHANGES headline, lead; UPDATES throughout with details, new info; ADDS photo)
By Song Sang-ho

HANGZHOU, China, Sept. 4 (Yonhap) -- President Park Geun-hye on Sunday touted her creative economy drive as a new model for "inclusive innovation," which will help tackle a string of global economic challenges, including anemic growth.

During her remarks at the summit of the Group of 20 (G-20) leading economies in China's eastern lakeside city of Hangzhou, Park stressed that her economic initiative meshes with the summit's emphasis on finding new growth engines through innovation.

The president's signature creative economy drive aims to boost the economy by creating new business opportunities, industries and jobs through the fusion of cutting-edge technologies, culture and other opportunities.

"Innovation in the fields of virtual and augmented reality, the Internet of Things, big data, as well as artificial intelligence is leading the fourth industrial revolution, and the origins of such changes are people's creative thinking and imaginative power," she said during the first G-20 plenary session.

The "fourth industrial revolution" refers to the fast-paced industrial transformation characterized by a fusion of various cutting-edge technologies.

"The crux of South Korea's creative economy is creating new markets and jobs through a fusion of creative ideas and new technologies such as ICT (information and communication technologies), and innovation and culture," the president added.

President Park Geun-hye attends the summit of the Group of 20 leading economies in Hangzhou, eastern China, on Sept. 4, 2016. (Yonhap)

Considering that under the creative economy initiative, the window of opportunity remains open for anyone with innovative ideas, the initiative is in sync with the G-20's pursuit of inclusive growth, the South Korean leader pointed out.

The two-day summit began Sunday under the main theme "Towards an Innovative, Invigorated, Interconnected and Inclusive World Economy." It brought together leaders of G-20 countries and international organizations, including the United Nations and International Monetary Fund.

While outlining her trademark economic drive, Park urged the G-20 to play a role as a "guide" to blaze a trail towards the future amid uncertainties in the global economy and a series of challenges such as low growth and a widening gap between rich and poor.

During her remarks, Park also introduced South Korea's efforts towards structural reform in the labor, public, financial and educational sectors.

She, then, proposed building good practices needed for overcoming difficulties in the process of structural reform and share them among member nations.

"A butterfly can splendidly fly with its strong wings fluttering after the process of breaking out of its cocoon," she said.

"If someone breaks the cocoon to help it easily emerge from the cocoon, I heard the butterfly will die in a matter of days," she added, calling for a bold step toward structural reform.

Xi expressed his appreciation for Park's remarks, saying that Seoul's strategy to develop the manufacturing sector is in tune with Beijing's own. He added a combination of such strategies would offer a "strategic solution" for economic development and growth.

Throughout the summit, Park also plans to call for active G-20 efforts to forestall trade protectionism, her office Cheong Wa Dae said.

Besides the growth agenda, the participants in the summit will also discuss a series of global challenges that affect the world economy, such as climate change, terrorism, health care and the continued influx of refugees into Europe from conflict-laden, poverty-stricken countries.

These issues will be discussed at the final session of the G-20 summit on Monday.

At the session, Park plans to share South Korea's efforts to support the global fight against climate change and call for the strengthening of the Green Climate Fund, a Seoul-based international agency to facilitate developing countries' adaptation to climate change.

Park's aides said that the president also plans to emphasize that the world can view climate change in a positive light and take it as a source of business opportunities. In this vein, she will explain South Korea's policy efforts to foster new energy industries that have come in tandem with the country's efforts to combat climate change, her aides said.

President Park Geun-hye shakes hands with her Chinese counterpart Xi Jinping at the summit of the Group of 20 leading economies in Hangzhou, eastern China, on Sept. 4, 2016. (Yonhap)


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