S. Korean president vows tcustom promotional braceletso continue economic reform drive in 2019

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South Korea’s President Moon Jae-in speaks during a meeting with senior aides at the Blue House in Seoul, South Korea, Dec 12, 2018. [Photo/Agencies]

SEOUL - South Korean President Moon Jae-in vowed on Wednesday to continue his government"s economic reform drive in 2019 to create jobs and fair economy through innovation and improved industrial structure.

Moon made the pledge during his meeting with businessmen to mark the start of the new year. It was held at the Korea Federation of Small and Medium-sized Enterprises (SMEs) headquarters, attended by about 300 government officials and business leaders.

"The way to change our economy is a way that must be walked," said Moon who acknowledged that it would take time and cause controversy because it is the way nobody has ever walked.

Moon said the economic model of tracking advanced economies faced limitations under situations that low growth has become a norm, noting that South Korea requires a new industrial policy to overcome its structural limitations and create value through innovation.

He emphasized that development can be sustained when each one of the entire population enjoys the benefits of economic growth, vowing to create jobs and a fair economy that would be at the center of his economic reform.

The Moon government planned to boost its manufacturing industry through support for research and development (R&D) in leading and promising sectors, according to the 2019 policy report by the Ministry of Trade, Industry and Energy to President Moon.

The government aimed to raise the percentage of added value, generated in the manufacturing sector, to 35 percent of the total in all industries by 2030, which is equivalent to the level of Germany, from 25.3 percent as of 2017.

Moon said innovation will be required in all industries to reintroduce economic momentum and find a breakthrough to overcome low growth, promising to create jobs by innovating the manufacturing sector and pursuing the Fourth Industrial Revolution.

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