President Park Geun-hye pledged Friday to support corporate innovation and drastically revise regulations that hinder innovation in the country's manufacturing sector.

"The government will provide utmost support to companies' efforts for voluntary innovation," Park said in a speech marking the anniversary of Trade Day. Park has said a manufacturing sector combined with information and technology could help boost productivity, sparking an economic revival amid fierce global competition.

Trade Day was designated in 1964 by Park's father, then President Park Chung-hee, to celebrate reaching US$100 million in annual exports. The elder Park made exports, which helped transform South Korea into an economic powerhouse in Asia from the ashes of the 1950-53 Korean War, a key focus of his economic development drive.

South Korea broke the $1 trillion mark in annual trade for the fourth straight year in 2014.

Park also said the government will provide necessary support to promising companies to help boost their shipments abroad in a country where exports account for around 50 percent of gross domestic product.

She also called on small and medium-sized companies to boost exports.

Smaller companies account for 99 percent of all enterprises and 88 percent of all employees in South Korea, though conglomerates, known as chaebol in South Korea, dominate net profits and market capitalization.

Park also promised to attract foreign investment to South Korea.

Last month, Corning Inc., a U.S. specialty glass maker, announced it would make an annual investment of 10 billion won (US$9.2 million) in a research and development center to be set up in South Korea.

Corning CEO Wendell Weeks made the announcement during a meeting with Park at the presidential office in Seoul. (Yonhap)