Lee Wants Engineers to Find Growth Engines
By Kang Hyun-kyung
Staff Reporter
President-elect Lee Myung-bak pledged Friday that the new government will make an all-out effort to help scientists, engineers and entertainers find an alternative engine for growth.
Lee made the pledge at a meeting with experts and business leaders in the areas of energy, biotechnology, environmental engineering, and the entertainment industry at the Korea Institute of Science and Technology (KIST) in Seoul.
The incoming President stressed that it is needed for the economy to find an alternative engine for growth to achieve a per capita income of $40,000 in the future.
Lee presented the three-point economic pledge of a 7 percent annual economic growth rate, per capita income of $40,000, and the seventh largest economy in the world in 10 years in his campaign in December.
The transition team lowered the growth goal for this year to 6 percent of economic growth, explaining that it would be tough for the new government to achieve a 7 percent rate as it only had 10 months to go after Lee is sworn in on Feb. 25.
Economists expressed skepticism about Lee's so-called 747 economic vision, commenting it would be unfeasible for the economy to achieve 7 percent of annual growth rate.
Facing the skepticism, Lee said he would find an alternative growth engine and strengthen energy diplomacy to make the three-point vision happen.
The transition team said the next government would build a network with oil-rich Middle Eastern countries and the team will unveil the specific action plans in the future.
The team also said the next administration will make efforts to clinch a free trade agreement with the European Union, Canada, India and Mexico this year.
During the meeting at KIST, scientists said the global demand for energy has skyrocketed due to the emerging economies of Brazil, Russia, India and China (BRICs).
They asked the incoming President to assist the energy-related industries to develop alternative energy with supportive policy measures.
J.Y. Park, president of JYP Entertainment, said regulations hindered the local entertainment industry from going global.
Claiming that foreign business partners began losing interest in the Korean entertainment industry mainly due to the red tape and regulations, Park proposed the next government ease regulations in the entertainment industry.