Policy of the Republic of Korea in the development of innovative economy

This article provides a brief overview of the development and implementation of the policy of the Republic of Korea in the development of innovative economy, its current state, strategic goals and objectives for the near future and tools to implement it. The essence of all institutional innovation in South Korea is the active support of the technological and business cooperation of traditional and new institutions and their networking on a new basis of openness and the use of the multiplier effect of regional clustering. To meet the challenges in creating innovative economy the South Korean government initiates enactment of scientific and technological innovation, creates a five-year plan of scientific and technological innovation. It also pays great attention to the development of small and medium businesses; this puts a high priority for job creation and sustainable economic growth. To maintain this economy the State has established a number of public and private organizations that support these companies. To increase the number of such enterprises incentive measures have been taken in creation of tax preferences, business incubators, government contracts to these enterprises, special loans with lower interest rate. All this has enabled a significant increase in the efficiency of R & D and settling in new high-tech niches. The economic policy of the country over the next 15-20 years is focused on an aggressive expansion into international markets through the creation of new products and services based on the pursuit of advanced scientific and technological217achievements. This will contribute to organizational and technical assistance in the development of innovation and export opportunities for all economic actors. Particular attention will be given to enhancing the competitiveness of SMEs in domestic and international markets. The most promising areas of innovation to create competitive products and services are considered to be information technology, communication technology, pharmaceuticals, electronics and materials science

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