Choi Stresses Revival of Entrepreneurial Spirit
By Kim Hyun-cheol
Staff Reporter
The newly sworn-in knowledge economy minister said Monday reviving an entrepreneurial spirit is the key to reinvigorating the Korean economy.
In his inauguration ceremony at the Government Complex in Gwacheon, Gyeonggi Province, Minister Choi Kyung-hwan said he will make all-out efforts for early economic recovery. "To this end, encouraging entrepreneurship is crucial."
Even though the economy is coming back on track through preemptive stimulus steps against the sagging global economy, the recovery is not making strides as planned, Choi said.
"So that's why now is an important and critical time. As the global economy is getting out of a quagmire, it's an opportunity for Korea to make a flying start in global competition," the minister said.
He promised to make significant changes to government policies concerning small- and medium-sized enterprises, research and development (R&D), and support for overseas resources development.
He stressed the need for reforming state support for industrial R&D projects in an apparent reference to criticism that the government is pouring blind money into fruitless fields as if "shoveling sand against the tide."
The minister also urged more private firms to team up with state-run ones to lead resource exploitation projects abroad, saying that "working hard doesn't guarantee any success when other countries mobilize a huge sum of capital in the global energy competition."
The 54-year-old minister is a lawmaker of the ruling Grand National Party representing Gyeongsan and Cheongdo in North Gyeongsang Province.