0
Democratic Party floor leader Kim Byung-ki, Finance Minister Koo Yoon-cheol, and other officials pose during a ruling party-government policy meeting on economic growth strategy at the National Assembly in Yeouido, Seoul, on August 20. / Source: Yonhap News

The Democratic Party and the government pledged on August 20 to pursue sustainable economic growth through an “AI economic transition” and technological innovation during a joint policy meeting at the National Assembly.

Floor leader Kim Byung-ki called the AI era “a golden opportunity,” stressing, “AI is the only breakthrough to reverse the population cliff and slowing growth. Through AI and a super-innovation economy, we must achieve sustainable growth.” He underscored that the Lee Jae-myung administration’s core strategy is for technology to drive growth, with all citizens sharing in the gains under a fair order.

Kim vowed close cooperation between government and industry, promising that the party would fully support the process with legislation and budget. “We will make the dream of becoming one of the top three AI powers, achieving 3 percent potential growth, and rising to the world’s top five economies a reality,” he said.

Policy chief Han Jeong-ae emphasized that new growth industries based on emerging technologies are vital for Korea’s competitiveness, pledging party support for the government’s economic plan.

Finance Minister and Deputy Prime Minister Koo Yoon-cheol said Korea had succeeded by following a “catch-up model” but must now transform into a “leading economy.” “Past formulas for success are reaching their limits. The government will shift Korea from a follower to a pioneer, creating a virtuous cycle of national development and public well-being,” he said.

Koo added that the administration will set concrete “super-innovation” goals and mobilize all state resources to deliver visible results.

Science and ICT Minister Bae Kyung-hoon pledged to spearhead the national AI transition, focusing on building AI “highways,” developing next-generation AI technologies, and cultivating top AI talent. “AI will revitalize industries from manufacturing and agriculture to biotech, boost local economies, and transform the way the public sector works,” he said.

Bae also vowed to push swiftly for the abolition of preliminary feasibility studies for R&D and phase out the PBS (Project-Based System) to structurally reform the public sector.