Building a Creative Economy in South Korea: Analyzing the Plans and Possibilities for New Economic Growth
Though previous Korean governments have taken steps to support Korea’s transition to an advanced innovation-driven economy, the Park administration has significantly heightened the level of priority of these efforts in order to foster the innovation and new engines of economic growth that will drive Korea’s future prosperity.
The success of these policies requires a focus by Korean policy stakeholders, including government, businesses, researchers, and consumers, on addressing fundamental challenges within Korea’s innovation ecosystem. These include regulatory, structural, educational, and cultural obstacles that constrain Korea’s ability to fully foster and utilize its innovative capacities.
Getting these fundamentals right will support Korea as it seeks to foster new industries that will drive its future growth and competitiveness. This requires a long-term commitment beyond President Park’s five-year term in office, but actions can be taken in the near term to build the foundation for future successes.