The Long-Term Strategy Committee, an advisory body to the South Korean government, has recommended that legal and institutional frameworks be updated to align with rapid changes in industrial structure and socio-economic conditions.
On November 12, the Ministry of Economy and Finance and the 7th Long-Term Strategy Committee held their 10th meeting of the Innovation Growth Subcommittee to review key discussion points from this year and outline future directions.
Established in 2012, the Long-Term Strategy Committee is composed of 20 experts from various fields, including Chairman Kwon Oh-hyun. The committee discusses long-term policy tasks across three subcommittees: Innovation Growth, Future Society Strategy, and Governance Reform.
During the meeting, various long-term strategic issues were addressed, including cybersecurity, support for startup growth, utilization of foreign talent, and improvements in the cultural industry.
Chairman Kwon emphasized the need to treat cybersecurity as a key long-term strategy, citing recent incidents of personal data breaches in the financial sector as evidence of its growing importance.
There were also calls to shift the direction of startup support policies. Hwang Kyung-min, CEO of Vfix Medical, stressed the need for not only quantitative expansion of startup support but also for enhancing the expertise of private investments and creating a support system that considers conditions for entering domestic and international markets.
Lee Jang-hyuk, a professor at Korea University Business School, suggested that foreign talent should be viewed as a new growth driver. He advocated for establishing a legal framework that allows foreign professionals to contribute their expertise and engage in economic activities within the country.
In the cultural industry sector, the need for legal and institutional reforms to adapt to changes in industrial structure was highlighted. Kim Mi-hyun, a visiting professor at Sungkyunkwan University’s Graduate School of Public Administration, noted that as the cultural industry rapidly evolves around platforms and content, existing laws and support systems must be adjusted accordingly.
The committee members also agreed on the necessity of public discourse to resolve social conflicts. They recognized that generational, regional, class, and labor-management conflicts hinder sustainable development in society and expressed the need to gather diverse opinions on related issues through public discussions.
Based on the feedback presented during this meeting, the Ministry of Economy and Finance and the committee plan to continue discussions on future strategic tasks.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.