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Economic Revival

Opening Ceremony of the Gwangju Creative Economy Innovation Center, January 27, 2015

The Park Geun-hye Administration lays utmost emphasis on revitalizing the economy on the basis of four major reforms and the creative economy initiative.

The IMF and the OECD ranked Korea’s Three-year Plan for Economic Innovation first among the growth strategies of the G20 member states. The Park Geun-hye Administration has faithfully implemented this plan and steadily carried out structural reforms in the four major sectors of public organizations, labor, finance and education. In addition, the Administration has gradually expanded a network of free trade agreements with various countries. All these efforts have made it possible for Korea to achieve the highest-ever sovereign rating since its founding and secure the platform for another economic resurgence.

Moreover, the creative economy initiative, a growth strategy intended to generate new markets and jobs through the convergence of science and engineering with information and communications technology, contributed to the establishment of a record-high number of startups. Regulatory reforms, considered as a cost-free investment, have also been conducted to boost investments by businesses, foster new growth engines and create more jobs. At the same time, economic democratization has been consistently pursued to establish a fair and transparent market order so that everyone can get fair compensation for his or her hard work and contributions.

Visit to the Ulsan Creative Economy Innovation Center, July 15, 2015