South Korea's Ruling Party and Government to Boost Defense Industry and K-Culture for Economic Growth
The ruling Democratic Party and the South Korean government have agreed to promote the defense industry and K-culture as new growth engines in 2023. This decision was made during a policy meeting focused on the 2026 economic growth strategy at the National Assembly.
To enhance growth potential, they plan to quickly establish a master plan to strengthen competitiveness in the semiconductor industry. Additionally, they recognize the defense industry and K-culture as emerging growth sectors, while also targeting business restructuring in petrochemicals and steel, and exploring the promotion of the scrap steel industry. Concrete measures to encourage long-term investment in domestic stocks are also set to be included in the economic growth strategy.
