President Moon Jae-in called Tuesday for efforts to craft a new growth strategy based on industrial innovation as one of his administration's key economic policy pillars along with income-led growth and fairness.

The new innovation-led growth strategy was first introduced when the president met with US investors and business leaders on the sidelines of the United Nations General Assembly in New York last week.

"There, I explained that our people-oriented economic policy consisted of three pillars, which are first, jobs and income-led growth; second, innovation-led growth; and third, a fair economy," the president said in a cabinet meeting held at the presidential office Cheong Wa Dae.
 

"Of the three pillars, I believe we had many discussions about new jobs, income-led growth and a fair economy within our government, and that we had many opportunities to explain them to the public. But we may have had fewer opportunities to explain the concept or specific direction of innovation-led growth," he said, according to Cheong Wa Dae pool reports.

The president said innovation-led growth addressed the supply side while income-led growth sought to ensure economic expansion by boosting consumer demand.

"I ask our economy-related ministries to establish the idea at an early date and produce a comprehensive report on the specific direction of the policy and required costs, as well as the expected outcome of such policies, while also coming up with ways to quickly implement the strategy," Moon told his cabinet members.

The president apparently sought to appeal to the opposition-led parliament for support as well, noting the new growth strategy may not have taken off due to the lack of a head of the new venture ministry.

President Moon earlier designated Park Seong-jin, an engineering professor at the Pohang University of Science and Technology, as new minister of SMEs and startups.

Park withdrew earlier in the month amid strong criticism from ruling and opposition lawmakers over his qualifications and controversial views on religion and history.

"Our government created the Ministry of SMEs and Startups and the Fourth Industrial Revolution Committee to support innovation-led growth. But it appears the innovation-led growth strategy could not be actively pursued because an SMEs and startups minister could not be appointed and the work of the Fourth Industrial Revolution Committee has not yet been launched in earnest," the president said. (Yonhap)