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Government unveils specifics of major projects for building 'creative economy' Updated: 2014-03-12 03:36:15 KST

  Government unveils specifics of major projects for building 'creative economy'
The ICT and future planning ministry has unveiled a detailed roadmap for how the government intends to realize a creative economy this year.
At a Cabinet meeting on Tuesday, the ministry said a significant amount of this year's two-and-a-half-trillion-won, or roughly 2.3 billion-U.S.-dollar, budget will go toward producing more visible results.
On top of a 100-billion won, or 94-million-dollar fund created last year to give venture start-ups a leg up, the government will invest additional 94 million dollars this year.
And another 94-million dollars -- a fivefold increase from 2013 -- will be injected into a project dubbed the Creative Vitamin Project, aimed at meshing science and technology with existing sectors.
This is in line with a major goal that the President Park Geun-hye administration has been pushing ever since coming into office in February of last year: developing new and creative growth engines for the country.
The ministry plans to focus on making private entities take the lead and launching initiatives toward realizing a creative economy this year.
It also plans on expanding this initiative from the central to local governments and helping more young entrepreneurs develop their innovative ideas so they can break into the global market.
However, with some media reports pointing out that the ministry spent only 3 percent of its total budget in January, critics are voicing concerns that the money allocated for building a creative economy could go to waste if the government does not set up clearer guidelines for how the money is to be spent.
Laah Hyun-kyung, Arirang News.
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