Gov’t to Set Strategies for 4th Industrial Revolution

Finance Minister Yoo Il-ho has vowed to set mid- and long-term strategies by next March to usher in an era of the fourth industrial revolution.

He announced the plan at a meeting at the Seoul Government Complex on Wednesday, saying that the government will focus on tackling structural challenges and developing future growth engines.

Yoo assessed that the biggest issue now for the South Korean economy is to stably manage risks at home and abroad. He added, however, that a more fundamental challenge is how to overcome structural weakness and where to find new growth engines.

In detail, the government will comprehensively analyze the impacts the fourth industrial revolution will have on the nation's economy ranging from growth to employment and to the industrial structure. It will then devise strategies to ease regulations and reform the economic, labor and education systems in a way to keep up with expected changes.

Source: KBS World Radio