Remarks at the Ministry of Economy and Finance Executive Workshop on the 18th
[Asia Economy Reporter Kim Hyunjung] Deputy Prime Minister and Minister of Strategy and Finance Hong Namgi stated, "A government-led growth strategy is not suitable at this point in time," adding, "From now on, we must pursue the path of change and innovation."
According to the Ministry of Strategy and Finance on the 19th, Deputy Prime Minister Hong emphasized this during his lecture at the 2020 Ministry of Strategy and Finance Executive Workshop held at the Government Sejong Convention Center the previous day, saying, "The imitation and catch-up growth strategy, unbalanced growth strategy, and government-led growth strategy, which were the unprecedented compressed growth backgrounds, are not suitable at this point in time."
During his lecture on the path our economic society has taken and the direction to move forward, Hong Namgi stressed, "From now on, we must take the path of change and innovation, an untraveled path, a path with rules (standards), and a path of predictability," and added, "The Ministry of Strategy and Finance must communicate with the people and move forward together."
The workshop was held with the attendance of about 170 people, including Deputy Prime Minister Hong Namgi, First Vice Minister Kim Yongbeom, Second Vice Minister Koo Yoonchul, as well as department heads, section chiefs, and team leaders.
In the first session of the workshop, presentations on "The Emergency and Challenges of the Korean Economy" and "Innovation Plans for the Ministry of Strategy and Finance Organization and Work" were delivered by the Policy Planning Officer and Innovation Policy Officer. These were followed by presentations and breakout discussions on related topics. After the second session lecture conducted by Deputy Prime Minister Hong, discussions were held on policy tasks for economic rebound and structural reform.
In particular, regarding this year's economic rebound, emphasis was placed on confronting challenges head-on through selection and concentration, regulatory reform, and finding field-oriented solutions. Additionally, to revitalize private investment, efforts will be focused, and for creative policy development, suggestions such as the introduction of a policy petition system, regulatory and legal reservation system, and internal policy communication network were raised.
Deputy Prime Minister Hong urged the executives, "Please enhance organizational productivity and efficiency through insight and communication," and requested, "Be mindful of eliminating barriers between departments and hierarchical levels."
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