The finance ministry laid out measures to
boost the country’s services sector…as this is where potential for innovation and job
creation is clearly visible. The plan involves relaxing regulations, as
well as investing more in R&D funding. Kim Ji-yeon explains further. During a meeting led by Finance Minister Kim
Dong-yeon on Wednesday, the government laid out plans to boost the country’s research
and development funding in the services sector. It plans to increase R&D to 4-point-6-billion
U.S. dollars over the next five years… with the aim of bringing the country’s level of
software-related tech to 90-percent that of other developed countries by 2022. From the allotted budget, the government plans
to spend nearly 715-million dollars this year,… up more than 16-percent from last year. It aims to encourage innovative growth to
boost the local healthcare and services sectors so that they create more economic value and
jobs particularly for the youth. Kim said for the first time in history, the
government believes it may be possible to create more than 100-thousand jobs this year…
and that its aim is to help foster the creation of more than 120-thousand new businesses. The government says it will relax the current
regulations on companies to enable them to build affiliated research centers and be eligible
for tax benefits. It’s abolishing the current requirement that
asks for college degrees among full-time researchers at centers aimed at boosting cultural content. The government also says it’s going to increase
the scope of eligibility for tax benefits to include firms engaged in providing new
ways of sharing lodging or automobiles and providing healthcare… in addition to those
involved in the development of the next generation of automobiles, artificial intelligence and
renewable energy. Kim Ji-yeon, Arirang News.

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