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Industry and Technology Policies in Korea

image of Industry and Technology Policies in Korea

The Korean innovation system is in many ways highly developed and has helped to underpin Korea’s rapid industrialisation. However, long-standing policy emphases on manufacturing and large firms are today in question. Structural problems - such as the relatively weak innovation performance of SMEs, a lagging services sector and limited domestic job creation among the industrial conglomerates - have led to a shift in policy priorities. This shift is crystallised in the current government’s Creative Economy Strategy, which entails a far-reaching set of measures aimed at fostering cutting-edge innovation and consolidating a knowledge-based economy increasingly driven by high-value services. This review addresses Korea’s industry and technology policies and institutions, and provides policy recommendations.

English

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A new balance between manufacturing and services

chapter examines the economic performance of the services sector in Korea and analyses reasons for the sector’s relative weaknesses. Recent policies to strengthen the sector are described. Possible ways forward for policy are also considered, from framework conditions to the design of targeted policy initiatives.

English

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