The rapid development of Korea’s ICT and electronics sectors has made it one of the fastest-growing OECD economies over the past decade. Korea weathered the global crisis better than most OECD and non-OECD economies, and it is the world’s most R&D intensive country, with GERD at 4.29% of GDP in 2014. Korea does nevertheless face some challenges: slowing growth, rising inequality and unemployment, a rapidly ageing society and emerging environmental problems. The 3rd S&T Basic Plan (2013-17) sets out the new government’s road to economic prosperity and public well-being with the High Five Strategy to address long-term challenges. Its action plan was established in 2015. Furthermore, the Creative Economy Initiative introduced a major STI policy governance reform and new policy initiatives. Creative Economy is a strategy to shift Korea’s growth paradigm from an industrial economy to a knowledge economy by unlocking the productive potential of national STI and cultural ecosystems. In particular, the highest priority is given to advancing the S&T and ICT sectors and to refocusing Korea’s research and innovation system on entrepreneurship and the innovative application of technology.