DAVOS, Switzerland ― President Park Geun-hye stressed innovation and entrepreneurship to deal with the ongoing economic slump during a "Korean Night" event on the eve of the opening of the World Economic Forum.
She also pledged to remove unnecessary regulations to make South Korea more attractive to foreign investment.
The four-day forum starts today in the mountain resort in the East Alps region of Switzerland.
"Slumps and crises are inevitable to capitalism. However, those can help secure new growth engines for sustainable economic development and ongoing downturns can be addressed via innovation and entrepreneurship," she said.
"The biggest task of the world economy is to create a new growth momentum based on such efforts. We are here in Davos to do that."
Park also said that her government will drastically ease investment-related regulations to attract more investment.
"South Korea is trying to make the best environment for business activity and is leaving its doors wide open so that global businesses can make investment as much as they want. I hope you will be able to seize a chance in South Korea to make a leap forward," Park said.
She said that her country can also be a good bridgehead for investors as it is linked to other markets via a web of free trade deals.
"I hope all of you here today will work together with us for global free trade and expand your business opportunities by freely crossing back and forth into major economic blocs through South Korea," she said.
Park stressed a "creative economy" of chalking up sources of new revenue streams through convergence between high-tech industries and conventional businesses.
"A creative economy is about forging new markets and jobs by accelerating brisk combinations of science with information technology on the back of innovative ideas," Park said.
"One of our government's top priorities is to form environments where people's creative ideas can be taken advantage of for genuine business opportunities."
Meanwhile, more than 550 experts, including renowned businesspeople, took part in the Korean Night event. Among the high-profile figures were Lloyd's Chairman John Nelson and JPMorgan Chase International Chairman Jacob Frankel.
Korean pop start Psy, who basked in a global spotlight in 2012 with his worldwide smash "Gangam Style," also joined the gathering.
Park cited him as an example of the creative economy.
The Federation of Korean Industries, South Korea's largest business lobby, has hosted the event every year at the Davos Forum since 2009 to promote awareness of South Korea.