"Treating this as our very last chance, we will revive the economy and lead reforms to give Korea fresh hope."
President Park Geun-hye has put economic revitalization at the top of her agenda and she's vowing to pour all efforts into carrying out her 3-year economic innovation plan announced back in February.
The first part of the three-part plan is public sector reform which has been under the spotlight since April's Sewol-ho ferry disaster.
A major step in the public sector reform is cutting debt levels at public organizations by tightening lax management.
With the reforms in place, the debt-to-equity ratio was to drop to below 190 percent by 2017 from the current 220 percent.
But since the government came under fire for mishandling the ferry disaster, the focus has shifted to rooting out corruption and cracking down on cronyism or so-called "parachute appointments."
Minimizing government regulations is another major goal laid out by President Park.
She had wanted to get rid of one-fifth of all government regulations by the end of her term in 2018
But some pundits say this goal will be hard to meet given that the ferry disaster was blamed partly on a lack of safety-related regulations.
Senior government officials say, however, that they will continue to take out unnecessary regulations.
Finally, President Park has vowed to create an innovative economy.
Helped by the government's drive to promote startups, as the number of newly established businesses in the first quarter this year exceeded 20-thousand for the first time in 14 years.
The government is also looking to provide assistance to businesses in every stage of growth.
Yoo Li-an, Arirang News.