Pres. Park says innovation is only source of sustainable growth
President Park emphasized that innovation is the only source of sustainable growth in the world economy.
Addressing over 1-thousand business leaders from the region, upon her arrival in Bali Sunday, President Park said an "innovation crisis" was the main reason behind the current global economic slowdown and high unemployment.
"It's only through innovation that we can endlessly create growth engines and more jobs."
She then laid out her vision for a so-called "creative economy" saying there needed to be an "innovative paradigm and a new strategy" for economic growth.
How is a creative economy different from what we have now?
"A creative economy has no limits to growth and could realize sustainable growth."
President Park said a creative economy is based on an individual's creativity, which is inexhaustible and doesn't have any negative side effects, such as for example, pollution.
She added a creative economy could also be a way to overcome unbalanced growth in the global economy, as creativity is within each nation and individual, whether it be a developing or a developed country.
"I hope to push ahead with shared growth within the region by passing on the Korean government's model of innovation and development to developing countries that want to adopt a creative economy."
President Park called on nations to strip away regulations that hinder new industries, and rework business regulations from a system that has many restraints to an economy that allows individuals and businesses to work outside the box.
"Later this Monday, President Park will take part in the first session of the APEC summit on strengthening the multilateral trading system. And on the sidelines of the official gathering on Monday, she is scheduled to hold bilateral talks with the leaders of four of the participating countries -- China, Canada, Mexico and Peru.
Eoh Jin-joo, Arirang News."
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