▲ Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol delivers opening remarks at the 2nd meeting of the Task Force for Strengthening Service Industry Competitiveness, held at the Westin Josun Seoul in Jung-gu, Seoul, on July 6.
Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol emphasized on July 6 that "it is urgent to enact the Service Industry Development Framework Act to boldly open barriers between industries and provide intensive support in research and development (R&D), taxation, and finance."
During his opening remarks at the 2nd meeting of the Task Force (TF) for Strengthening Service Industry Competitiveness, held at the Westin Josun Hotel in Jung-gu, Seoul, Deputy Prime Minister Koo stated, "It is time to redraw the landscape for the development of the service industry."
He noted, "The Lee Jae-myung administration is pushing for three mega-projects centered on semiconductors, artificial intelligence (AI) data centers, and physical AI," adding, "For a great economic leap forward, the next priority is to enhance the competitiveness of the service industry, which accounts for 60% of the gross domestic product (GDP)."
Deputy Prime Minister Koo assessed that "the service industry is currently facing a great transformation period where it meets AI, leading to the convergence with manufacturing, innovation in public services, and a major shift in daily life."
He stated that the government would promptly prepare measures to secure a leading position in sectors such as the AI agentic commerce market related to shopping, mobility services related to AI autonomous driving, and public services.
Deputy Prime Minister Koo stressed, "We need the Service Industry Development Framework Act, which serves as the legal basis to foster the entire industry, including the establishment of systematic development plans and integrated governance that breaks down silos," adding, "We must also push for bold regulatory rationalization."
The meeting included discussions on agendas such as: ▲ K-Service Industry Development Strategy in the Era of AI and Convergence (Kwon Nam-hoon, President of the Korea Institute for Industrial Economics & Trade); ▲ Industrial Growth and Global Expansion Strategy for K-Culture (Professor Shim Sang-min of Sungshin Women's University); and ▲ Policy Proposals for Revitalizing the Service Industry (Huh Min-hoe, CEO of CJ).
President Kwon noted that the service industry accounts for 70% of domestic employment and 60% of value-added, and proposed three development strategies: revitalizing exports, rationalizing domestic demand value, and leading new services globally.
Professor Shim emphasized that for the sustainable growth of K-Culture, it is necessary to innovate production, investment, and distribution, along with implementing integrated policies and shifting cultural perceptions.
Representing the Federation of Korean Industries, CJ CEO Huh Min-hoe presented 20 policy suggestions and voices from the field, covering areas such as content and beauty.
The Ministry of Economy and Finance stated, "We plan to actively utilize the content discussed today in identifying and establishing policy tasks related to the service industry."
(Photo: Yonhap News)
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