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President Park unveils details of 3-year economic innovation plan Updated: 2014-02-26 06:27:45 KST

 President Park unveils details of 3-year economic innovation plan
"Reunification of the two Koreas will be a bonanza."
In line with this comment made in her New Year's address, President Park announced plans to set up a presidential "reunification preparation committee" to seek out ways to bring about, what she called, a "systematic and constructive" reunification.

"The committee will be in charge of preparing for a reunification on the Korean peninsula and expanding inter-Korean dialogue and private exchanges."

The committee will operate beyond the purview of the unification ministry, with experts and civic groups from various sectors ranging from foreign affairs and security to the economy and culture, drawing up a specific blueprint for a unified Korea.
In her three-year economic innovation plan unveiled in Tuesday's address, President Park vowed to raise the nation's potential economic growth rate to above four percent and per capita income to 40-thousand U.S. dollars by the year 2017.
She put forth three goals -- creating "an economy with strong fundamentals," making "an innovative and dynamic economy" and establishing "an economy that balances domestic demand and exports."
The president said she will start with rooting out abnormal policies and wrong practices, especially in the public sector.
President Park pledged to reduce and cap the debt ratio of public institutions at 2-hundred percent, which is the upper limit for private companies to issue corporate bonds.
The Korea Land and Housing Corporation, for example, which has debts of more than 128 billion U.S. dollars, had a debt ratio of over 4-hundred percent, as of last year.
For an "innovative economy"

"The government plans to invest a total of 3.7 billion to create a better business ecosystem for start-ups and venture firms."

She also promised to increase investment in research and development to five percent of the country's GDP by 2017.
Boosting domestic demand comes as an important part of her goal for a "balanced economy."

"The president set a target of reducing the country's household debt ratio by five percentage points by 2017, by handing out tax benefits and introducing fixed interest rates and level debt services for mortgage loans.
Eoh Jin-joo, Arirang News."
KOGL : Korea Open Government License
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