President Park Leads Meeting on Role of Science and Technology in Economy

by YuGee / Aug 10, 2016 07:03 AM EDT

South Korea's President Park Geun Hye | By: Pool | Getty Images

On Wednesday, August 10, President Park Geun Hye headed a national science and technology strategy session to discuss the potential growth means and methods to give a new boost to the economy of the country.

During the session, the panel chose nine strategic projects that focus on ensuring the country's latest growth mechanisms and improving the quality of life of the citizens.

The panel indicated autonomous vehicles, light materials, virtual reality, the smart city model, and artificial intelligence as the sectors for future growth, while it designated carbon resources, fine dust, precision medicine and new drugs as the areas for the enhanced quality of life.

Based on a report from the Yonhap News, the president emphasized that the country would cultivate these industries through joint public-private cooperation. The conference was held as the nation is trying to cope with the expeditious industrial transformation, also called the "fourth industrial revolution". The fourth industrial revolution is marked by a combination of groundbreaking technologies, such as big data and the Internet of Things (IoT).

The meeting was attended by at least 40 government officials, leading experts, and scholars.

During the meeting, the chief executive said, "Ahead of the sea of change in the global market, which is being triggered by the fourth industrial revolution, what is at stake is national competitiveness and jobs for young people. With this in mind, I cannot just sit back and relax."

The session proves to be substantial to the economy of the country and the president is keen on taking fast and necessary actions in order to improve its national competitiveness.

Parks' "creative economy" drive has been actively promoted by her, noting that this is the only way South Korea can deal with countless challenges that result from the rise of the fourth industrial revolution. The "creative economy" pertains to Park's core policy initiative that targets to benefit from breakthrough ideas and technologies such as ICT, to provide jobs and stimulate growth, and create new business endeavors.