The National Planning Commission, which is establishing the five-year roadmap of the Lee Jae-myung administration, will establish national management plans based on the concept of 'real growth.' Chairperson Lee Han-joo proposed three major strategies, five tasks, and four reforms to realize real growth. Through this, he also revealed a blueprint aiming to achieve the three major powers in artificial intelligence, a potential growth rate of 3%, and to become one of the world’s five strongest nations.
On the 17th, the National Planning Commission released the research report titled 'Strategies for Real Growth in Korea.' It is identical in content to the report published by the Democratic Research Institute the previous day (16th), titled 'Guide to Real Growth in Korea: Real Growth, Real Korea.'
The Democratic Research Institute is an organization where Chairperson Lee Han-joo serves as the director, functioning as a think tank for the Democratic Party of Korea. In fact, many members with backgrounds in the Democratic Research Institute have been appointed to the National Planning Commission.
According to the report, the concept of real growth means growth in which not just a few innovate and reap the rewards, but everyone participates in innovation and value creation and shares in the benefits. It emphasizes that all sectors, including the metropolitan area and regions, small and medium enterprises and large corporations, as well as the youth and middle-aged populations, must participate to feel the growth.
Concrete strategies proposed include ▲technology-driven growth (T), ▲growth for all (G), and ▲fair growth (F), commonly referred to as the 'TGF strategy.'
Technology-driven growth is a strategy to lead industrial leaps based on the AI, bio, culture, defense, energy, and manufacturing (ABCDEF) industries that President Lee Jae-myung has emphasized since before the presidential election.
Growth for all includes expanding growth areas through small and medium venture and scientific technological innovation to respond to the declining working population. Fair growth emphasizes creating a market order that can overcome the 'abuse of power' and promote coexistence.
Five actionable measures were proposed.
These include ▲entering the ranks of the three major AI powers and nurturing future strategic industries, ▲energy transition and industrial upgrade, ▲establishing an ecosystem for small and medium ventures and scientific technological innovation, ▲regional growth and innovation of national spatial structure, and ▲building a fair and cooperative market order.
Regarding the entry into the ranks of AI powers, the report mentions using the national fund referred to as 'K-NVIDIA' as a catalyst to induce private investments.
Four major reforms in regulations, finance, administration, and education for real growth will also be implemented. The focus of the reforms is to improve the inefficiencies hidden in various sectors of society.
Chairperson Lee noted in the report, 'Low growth is not just a matter of statistical figures. It particularly signifies that opportunities are diminishing for the youth without vested interests,' and added, 'Diminishing opportunities exacerbate inequality, creating a vicious cycle where only a few participate in growth and enjoy its fruits.'
He emphasized, 'Unfortunately, past efforts have failed to reverse the trends of low growth and inequality,' and 'We present a new vision, the path of “real growth,” to activate our economy and ensure a flourishing future for all citizens.'