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Title An Analysis of Policies of Future Industries in Preparation for the 4th Industrial Revolution

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An Analysis of Policies of Future Industries in Preparation for the 4th Industrial Revolution

In the fourth industrial revolution, the world evolves into a mutually connected and more intelligent society based on hyper-connectivity, hyper-intelligence and convergence. This is expected to have significant impacts on the overall industrial ecosystem. Korea has set innovative growth as one of its core economic growth strategies and launched the Fourth Industrial Revolution Committee under which concrete action plans are being devised in order to respond to the fourth industrial revolution through scientific and technological innovation as well as by boosting venture capital as well as small and medium enterprise start-up businesses.
Among the new administration’s  national policy agenda on the fourth industrial revolution, An Analysis of Policies of Future Industries in Preparation for the 4th Industrial Revolution focuses on technology, industry and start-up policy to analyze key policies, fiscal projects and overseas case studies to identify policy implications on matters such as core investment direction and institutional improvement.
First, although a government-wide policy implementation system to address the fourth industrial revolution is in place, there appears to be a need for a policy review on industrial structure, employment environment and overall livelihood.
Second, upon analysis of science-technology governance and R&D innovation measures, it appears to be necessary to reinforce the policy-budget-evaluation linkage by cooperating with the science and technology policy coordination bodies, while conducting actionable R&D financing as well as effective performance management.
Third, upon analysis of the measures to develop ICT convergence and the software industry, the policy governance of the ICT convergence sector, which has a mixture of promotion and regulatory functions, needs to be adjusted. Also, there needs to be an in-depth review of the government investment strategy on the ICT sector, as it has a high spillover effect on other industries.
Fourth, after analysis of the policies on fostering and upgrading each industry sector, the focus of investment on manufacturing plants and equipment should be drawn towards securing future growth drivers in order to secure a technological advantage in the manufacturing sector. When pursuing R&D for agricultural and food products, measures to narrow the technological gaps by securing a professional workforce are needed, and a nationwide smart city policy direction needs to be developed to establish a sustainable city.
Fifth, upon analysis of the growth measures for start-up foundations and SMEs, SME support should be strengthened mainly to focus on start-up technology and global market start-ups, SME manpower supply and employment stabilization support programs should be expanded, while continuing to monitor performance.

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