April 26, 2024

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[THE INVESTOR] The finance minister on Feb. 22 vowed to reform South Korea‘s economic and social systems to support its adaptation to the fourth industrial revolution in a timely manner.

“The government will go through a close review on our situation, strengths and weaknesses before mapping out a strategy for the fourth industrial revolution. And then, we will remodel our economic and social systems to coincide with the fourth industrial revolution.” Said Yoo Il-ho, the Finance Minister, in a kick-off meeting of the government’s fourth-revolution strategy committee on the outskirts of Seoul.

The committee is designed to spearhead the policy-making process covering the sectors of economy, education, technology and industry, with government officials, experts and business people participating in it.

South Korea set up the committee as the country is feared to lag far behind in keeping up with a paradigm shift in the industrial sector, called the fourth industrial revolution.

The latest trend includes cloud computing, Internet of Things and automation in the entire production, management and governance system, with fundamental transformation of the economy, society and education to be required.

The finance minister said he will give full support to the development of new industries and technologies through improving state-run funds on research and development and removing regulations.

(theinvestor@heralcopr.com)