Ministry of Economy and Finance (MOEF) established an innovative roadmap for service industry centered on tourism, health, contents, and distribution.
According to South Korean Government, MOEF recently placed an order for research regarding ‘preparation of medium and long-term roadmap for innovating service industry’.
MOEF is going to prepare political goals and step-by-step strategies such as innovation of main regulations, improvement in industrial competitive edge, creation of new markets and new demands, and flagship project to innovate service industry by analyzing current condition and prediction of each industry. It is going to materialize these strategies to prepare detailed political tasks regarding tax system, finance, R&D, and innovation of regulations.
The roadmap will be constructed based on tourism, health, contents, and distribution. When MOEF announced ‘Direction for Economic Policies in 2019’ in last December, it announced its plan to establish innovative strategies in these four areas.
It is going to look for ‘Galapagos Regulations’ and investigate successful and innovative services in foreign countries and promising businesses in service industry.
Regarding tourism, it is going to expand tourism-related contents such as DMZ, South Korean trend, concert, and marine leisure and prepare ways to attract foreign tourists. Regarding health industry, it is going to establish foundation for digital healthcare and look for ways to support startups specialized in healthcare. Regarding contents, it is going to expand customized supports. It is also going to look to make its distribution system smarter.
MOEF announced that it has decided to establish a roadmap due to slow employment rate and others even though service industry is at the center of driving force.
According to MOEF, service industry was responsible for 70.3% and 58.3% of employment and added values respectively in 2017. Service industry’s effect in creating jobs is two times more than that of manufacturing industry. However, job situation has been worse recently.
“It is necessary for us to push for innovation within service industry with promising service businesses at the center.” said MOEF.
Staff Reporter Yoo, Seonil | ysi@etnews.com