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State firms to spend over 30 tln won to nurture innovative growth

All News 11:32 August 02, 2018

SEOUL, Aug. 2 (Yonhap) -- State-led companies plan to spend over 30 trillion won (US$27 billion) in key leading sectors, such as autonomous driving, by 2022, thus creating an environment for private companies to seek innovative growth, the country's chief economic policymaker said Thursday.

"To boost innovative growth, state-run companies will play a vital role, and they will spearhead investment," Finance Minister Kim Dong-yeon said in an economy-related ministers meeting.

"The government will also expand support programs for startups and share public data with private companies for their business opportunities," he said.

The minister stressed that the private sector's role for innovative growth is very important.

"The government will continue efforts for deregulation as well," he said.

Innovative growth is one of the key economic goals sought after by the Moon Jae-in government, along with income-led growth.

Finance Minister Kim Dong-yeon (2nd from R) speaks at an economy-related ministers meeting in Seoul on Aug. 2, 2018. (Yonhap)


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