Seoul: The government will establish 15 task forces made up of members from both the public and private sectors to lead individual projects aimed at creating new growth engines, the finance ministry announced. This initiative is part of the Lee Jae Myung administration's five-year economic development blueprint targeting the creation of a "super-innovation economy."
According to Yonhap News Agency, the initiative was discussed and finalized during a ministerial meeting chaired by Finance Minister Koo Yun-cheol. The government views the next five years as a critical period to achieve sustainable growth and aims to deliver tangible results by 2030. The finance ministry underscored the necessity for structural transformation to address challenges such as population decline, reduced investment, and stagnant productivity, all of which threaten to lower the country's potential growth rate.
The government has set a goal to boost the nation's potential growth rate to 3 percent by advancing innovation projects in key sectors such as energy, new materials, and K-food. Plans are underway to establish these task forces by the end of this month, with a detailed road map expected to be finalized between October and November.
Each task force will consist of approximately 20 members, including representatives from relevant ministries and private companies, providing a collaborative approach to drive the envisioned economic transformation.