S. Korea embarks on mid-to long-term economic, social policy roadmap

South Korea will release long-term policy strategy on key areas of economy, industry, technology and climate so that the direction stays intact regardless of who comes to power under a single five-year presidential term.

The Ministry of Economy and Finance on Wednesday holds the first meeting of the fifth mid to long-term strategy committee to begin its process of laying out the blueprint for future growth. The 20-member committee, which is to function as an advisory council, will be comprised entirely of experts from the private sector.

Lee Kwang-hyung, president of the Korea Institute of Science and Technology and an AI technology expert, is to head the committee.

The economy and finance ministry has already outsourced the research on social and economic conditions to devise future roadmap and action plans to release a comprehensive report next year.

Based on the findings and recommendations, the report will name 50 priority agendas and 200 action plans.

Korea’s strategies for future growth are expected to focus on the key industries, from semiconductor to mobility and energy in addition to universal commitments like climate change.

The ministry reportedly has benchmarked the so-called the Grand Challenge, a set of industrial strategies released by the British commerce department in 2017. The white paper was created under the guidance of the Industrial Strategy Council, an advisory group independent from the government.

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