Lee calls for concerted efforts to develop new growth engines

SEOUL, April 14 (Yonhap) -- President Lee Myung-bak called on South Korea Thursday to make concerted efforts to develop key industry sectors as new engines for economic growth, calling them the key to securing the country's financial future.
Lee made the remarks at a meeting of government ministries, businesses and scholars, where officials backed Lee by pledging massive financial and other support for the plan.
"I believe that this is a path that we cannot avoid because the new growth engine areas are the way for South Korea to live on in the future," Lee said, according to presidential spokeswoman Kim Hee-jung. "If this is a path that we have to take, we have to make joint efforts."
The government reported that it plans to focus support on 10 key technologies such as electric cars and system-on-chips (SoC) in an effort to sustain its economic growth and improve its industrial competitiveness.
The government also reported that it will provide about 6.5 trillion won (US$5.98 billion) worth of loans, guarantees and other financial support this year for the new growth engine sectors.
By doing so, Lee said South Korea will develop its own technologies in those areas to become more independent of foreign countries, calling for conglomerates and smaller firms to work together, according to the spokeswoman.
Lee added that company officials should work swiftly to keep up in the fast-changing areas.



jschang@yna.co.kr