The Ministry of Knowledge Economy (MKE) has chosen 'Green' and 'Convergence' technologies for the nation's core growth engine for next year. The ministry gave 2011 policy briefings to the President Lee Myung-bak on December 15.
Under the foresight of becoming an advanced economy, the ministry will focus on accelerating growth through 'green' and 'convergence' technologies, shared growth between small and large companies and advancing the nation's economic and industrial system to exceed US $1 trillion in trade.
As a part of its efforts, the ministry will invest about KRW 174 billion on R&D in the system semiconductor and software next year.
The ministry will work on nurturing a variety of convergence industries including a smart power grid and electric vehicle sectors. They are planning to shorten the development time of the electric car, and produce it by early 2014. Additionally, "low carbon, green growth polices" will be kept on going which is a key policy from President Lee. The ministry promotes renewable energies as well.
With this, the ministry will develop strategic parts of the service robot as well as make iFashion, which is a combination of IT and fabric, grow.
Not to miss the corresponding growth of small and large businesses. The ministry will support the local companies in order to grow into global enterprise by improving the business culture and systems including the subcontracting issues which have been continually raised.
Meanwhile the ministry expects that exports will reach to US $513 billion next year, increase about 10 percent from 2010 and imports will also grow about 15 percent to US$488 billion. Therefore, Korea becomes the world's seventh-largest export nation this year for the first time by marking US $1 trillion in trade.
The ministry will strengthen trade networks in Africa, South America and other emerging markets, while support the nation's local companies in order to participate the energy development projects in those countries.
