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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.

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Assessment and recommendations for Korea's policies on industry and technology

This chapter provides an overview of the key analytic findings and policy recommendations contained in this study of industry and technology policies in Korea. Overall, five main issues are addressed: the innovation system and the Creative Economy Strategy; the evaluation system for R and D programmes and projects; the commercialisation of publicly supported research; entrepreneurship and SME growth; the relative performance of the manufacturing and services sectors; and, the Creative Economy Strategy as a form of industrial policy.

English

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