Ministry of Planning and Budget Kicks Off Formulation of Mid- to Long-Term National Development Strategy

Focusing on Demographic Crisis, Achieving Carbon Neutrality, and the AI Transformation
Addressing Polarization and Regional Imbalances
Selecting Policy Priorities with a Mid- to Long-Term Perspective
Ensuring Organic Linkage with Budget Proposals

The Ministry of Planning and Budget and the Mid- to Long-Term Strategy Committee have officially begun formulating a national mid- to long-term development strategy. With a forward-looking perspective beyond 2030, their plan is to establish response strategies to address future challenges such as demographic shifts, climate change, and changes in industrial structure, thereby creating a turning point for the transformation of Korea’s economy and society.

Im Gi-geun, Acting Minister and Vice Minister of the Ministry of Planning and Budget, is applauding at the 'Ministry of Planning and Budget Plaque Ceremony' held on the morning of January 2nd at Government Sejong Complex Building 5, attended by Prime Minister Kim Minseok.

On January 8, the Ministry of Planning and Budget and the Mid- to Long-Term Strategy Committee announced that they had held the first meeting of the 7th Mid- to Long-Term Strategy Committee, marking the start of discussions on the formulation of a national mid- to long-term development strategy. This strategy is a national-level blueprint designed to simultaneously address Korea’s structural challenges, including responding to the demographic crisis, achieving carbon neutrality, enhancing industrial competitiveness through the AI transformation, alleviating polarization, and resolving regional imbalances. The plan is to set mid- to long-term strategic goals for the period beyond 2030, establish performance indicators for each goal, and identify sector-specific policy tasks to achieve them, ensuring these are organically linked with fiscal management plans and budget proposals.

On the same day, the Mid- to Long-Term Strategy Committee held a subcommittee meeting on innovation-led growth, where members discussed ways to address Korea’s future crises and raise its potential growth rate. The committee members assessed that, given the current geopolitical risks, demographic structure, and domestic market conditions, major industries-excluding semiconductors-are underperforming. Chairman Kwon Ohhyun stated, “It is important to prioritize and focus on tasks that drive economic growth.”

The Ministry of Planning and Budget and the Mid- to Long-Term Strategy Committee plan to closely collaborate with private-sector experts in each field while actively collecting public opinion. In addition to expert-led discussions, a participatory platform will be established to allow the general public to freely submit their views. The Mid- to Long-Term Strategy Committee has served as an advisory body to the Minister of Planning and Budget since 2012. The 7th committee is chaired by Kwon Ohhyun, Advisor to Samsung Electronics, and is composed of three subcommittees: the Innovation-Led Growth Group, the Future Society Strategy Group, and the Governance Reform Group.