SEOUL, KOREA ― The government held its 3rd Crisis Management Meeting of 2012 on January 18 to discuss the introduction of financial aid for raising preschool age children, measures for stabilization of the housing market, global trends and government plans in the field of scientific technology, and ways to improve trade statistics regarding intellectual property and technology. Bahk Jae-wan, minister of Strategy and Finance presided over the meeting.
Minister Bahk said the financial aid plan is the first measure taken by the government under its new childcare policy, which was articulated by President Lee Myung-bak in his New Year’s speech earlier this month. The government confirmed the aid plan at the meeting, and government offices responsible for carrying out the policy held a joint briefing on the plan afterward.
The minister said the housing market has stabilized nationwide, with security deposit costs dropping in the Seoul metropolitan area after November and the increase of those costs slowing down in provincial cities. The government will closely monitor housing market trends due to the usual rise of the costs after the Lunar New Year holiday as many citizens move to new homes. It will also push to carry out the already-announced plan to normalize the housing market and help stabilize the housing of citizens, the minister added.
In addition, Minister Bahk said the country’s science sector, like the economy, has focused on quickly following the lead of advanced countries, but it is now urgent for the sector to take the initiative. He said Korea’s technology balance of payments, or commercial transactions concerning international transfers of know-how and technology, is much lower than the OECD average, showing that there is a pressing need to nurture creative scientists. The minister requested government offices to share their knowledge on scientific technology trends, intellectual property and technology-related trade statistics. He also expressed hope that government offices will discuss various plans for development of the country’s scientific technology.
