SEOUL - President Lee Jae Myung said Wednesday South Korea should identify and nurture new growth engines in the new era of artificial intelligence (AI) and beyond, positioning seven future industries as drivers of future economic growth and key national strategic assets.
The president made the remarks at a meeting to designate seven industries as "seeds" for the country's future growth and explore ways to nurture them as the country's new growth engines, in addition to semiconductors.
South Korean chipmakers have posted record-high revenues over the past several quarters amid soaring demand for semiconductors for AI application.
Seoul now seeks to identify new sectors to sustain the semiconductor boom by designating seven future-oriented sectors as strategic areas for the future economy and national security.
They are small modular reactors (SMRs), nuclear fusion, renewable energy, quantum technology, aerospace, advanced biology and supply chains for advanced materials and components.
"By making the best of the rare opportunity provided by the semiconductor industry, we should prepare the next engines of growth," Lee said.
"The seven advanced technologies will become our economy's future growth engines and the country's key strategic assets," the president said, calling the initiative the "seven seed projects."
"The common trait of today's emerging advanced technologies is that their replacement cycles are very rapid and that both individuals and countries will be excluded if they fail to keep up with the change," the president said.
Amid this rapid upheaval in the industrial landscape, he noted that "our choice" would determine whether the country leads or falls behind, adding that the new initiative would help bring about a great leap forward for South Korea.
The president instructed officials and experts to implement the initiative, also pledging government support for scientists and entrepreneurs seeking to open new frontiers.
Wednesday's meeting brought together around 60 government officials, researchers and other experts to discuss ways to foster the seven future industries as new growth engines and nurture talent in the science and engineering fields, the presidential office said.
