A knowledge economy embeds traditional goods and services with a premium derived from greater levels of research and innovation intelligence. Korea is turning its focus to accentuate the production of these globally-competitive, value-added goods and services. Different from other economic models which rely primarily on natural resources or manpower, knowledge will be the primary engine of productivity and growth for the Korean economy.
At its core, the Ministry strives to assemble traditional industrial know-how, cutting edge R&D, and strong pro-business policies. MOTIE is a seamlessly integrated composition of former Ministries of Commerce, Industry and Energy; Information and Communication; and Science and Technology. This combination provides a vast array of experts to create synergies, spur innovation, and upgrade the nation’s economy.
As an advocate for economic growth, MOTIE has considerable jurisdiction in creating a more business-friendly environment. The Ministry also pushes for development of new growth engines by supporting Information and Communications Technologies (ICT) and high-end manufacturing. It also promotes foreign trade, pursues Foreign Direct Investment (FDI), and champions efficient markets.
Furthermore, the Ministry is mandated to engage in energy cooperation projects, expand renewable resources and distribution networks, and craft environmentally-friendly economic policies. These initiatives work to fulfill the Ministry’s additional responsibility of providing for Korea’s day-to-day energy requirements.