Gov't launches task force to develop long-term economic growth strategy

Finance Minister Koo Yun-cheol, left, attends a Cabinet meeting at the government complex in Seoul, Tuesday. Yonhap

A new task force aimed at crafting a mid- to long-term economic growth strategy for President Lee Jae Myung's administration held its first meeting Tuesday, the finance ministry said.

The task force, led by Finance Minister Koo Yun-cheol, is aimed at realizing the new administration's vision of what it calls "real growth" by fostering emerging industries, such as artificial intelligence (AI), the ministry added.

The government has repeatedly emphasized that the core of its growth strategy must be business-friendly.

"Businesses are the real core of the Republic of Korea's growth," Koo said, referring to South Korea by its official name. He also pledged full government support for the business sector.

Reflecting such an approach, the inaugural meeting of the task force, held at the Seoul headquarters of the Korea Chamber of Commerce and Industry, included not only ministers and vice ministers from relevant ministries but also the heads of six major economic and business organizations.

One of the main agenda items discussed was reforming legal and institutional regulations to ease burdens on businesses, the ministry said.

Under the plan, the government aims to reduce the criminal liability risks for business leaders, particularly regarding breach of trust and other charges, the ministry said.

Instead of relying heavily on criminal penalties, the government intends to shift toward financial penalties, such as administrative fines and civil compensation, it added.

Furthermore, for cases where violations are not serious and do not involve intentional wrongdoing or gross negligence, the government plans to ease or even exempt criminal liability through the introduction of new legal provisions.