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Issues of the 6th industrialization policies and tasks for improvement

Author Yang Hyeonbong Date 2015.12.10 Issue No 624

While pursuing sustainable growth for the Korean economy, it is also needed to come up with new development strategies through converging the primary, secondary and tertiary industries in order to live up to the era of convergence
● A new form of industry emerged through integration and convergence between the secondary and tertiary industries based on the primary industry, which was named the 6th industry


The 6th industry is expected to develop itself as a new growth engine along with existing growth led industry by responding to the changing economic landscape of the world and living up to the trend of convergence between industries


Although the government has promoted 219 projects as of 2014 to support the sixth industrialization, there are still problems such as an insufficient supporting system, inadequate monitoring system and legal basis for the participation of SMEs
● Those who receive supports according to the 6th industrialization law only include farmers and residents in the rural areas and exclude not only workers of the fishery industry, which is the primary industry but also SMEs not located in rural areas
● Linkages among ministries in promotion of the policies related to the sixth industrialization are insufficient; also, there are not enough pre and post evaluation functions as the current global orientation is lacking


For the successful promotion of the 6th industrialization policies, it is required to redefine the idea of 6th industrialization and the beneficiaries of the policies’ build up linkage and cooperation among ministries, establish a monitoring system and expand the legal basis for supporting the fishery industry and SMEs