DAVOS, Switzerland Jan 21 South Korea said on
Tuesday it was launching a three-year plan aimed at making its
economy more attractive by focusing on innovation and cutting
red tape for business.
Speaking on the eve of the World Economic Forum in Davos,
South Korean President Park Geun-hye said the plain aimed to
rebalance the country's economy, which is heavy on manufacturing
and export-driven but where services are comparatively less
"Starting from today, we are launching a three-year plan for
economic innovation ... to build an economy whose fundamentals
are strong," said Park, who was speaking at a private reception
ahead of a keynote speech planned for Wednesday.
She said that the plan aimed at making the country more
attractive for business by shrinking and simplifying regulation.
"We will revisit from scratch all regulations that are
helping business," she said, promising to keep in place only
rules "that are absolutely necessary."
"We will provide 'one-stop shop' services for investments,"
For her speech Park chose to be accompanied by the rapper
Psy, famous for his worldwide hit "Gangnam Style," and whom she
described as a symbol of the "creative economy" that she would
like to champion for Korea.
Korea, which Park said was looking to complete a free-trade
agreement with China, would continue to be an open economy.
"In the past, every time Korea has opened its doors, some
voices of apprehension have emerged. But in fact being open has
enhanced our competitiveness," she said.
(Reporting by Lisa Jucca)