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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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Executive summary

In many respects, the Korean innovation system is highly developed. But Korea will need to address a number of economic and institutional challenges to sustain a steady flow of innovations and drive productivity increases in manufacturing and services.

English

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