President Moon Jae-in was in the southeastern province of Gyeongsangnam-do on Thursday to talk about what South Korea needs to do to revitalize its slowing economy.<br />He said the key is innovation in manufacturing.<br />The visit was part of the president's tour aimed at boosting local economies outside of Seoul.<br />Hwang Hojun reports. <br />"The only thing that can revitalize the local economy of Gyeongsangnam-do Province, let alone that of Korea as a whole, is innovation in manufacturing."<br /><br />President Moon Jae-in was speaking at an event on Thursday where the government revealed its strategies for innovation, which include the implementation of smart manufacturing in the southeastern province of Gyeongsangnam-do.<br />He admitted the Korean economy is losing steam because the manufacturing sector,... the nation's traditional driving force, is facing serious competition from emerging countries.<br /><br />"We need to raise our competitiveness through innovation and take a new leap forward as a manufacturing powerhouse. Innovation in the manufacturing sector for innovative growth and job creation is a task that we cannot avoid and that should not take a backseat."<br /><br />Gyeongsangnam-do has adopted manufacturing innovation as its key growth strategy.<br />President Moon also asserted the importance of expanding the so-called smart factory system,... an initiative that provides automation solutions and intelligent upgrades for higher productivity in manufacturing facilities,... especially for small and medium-sized companies.<br />He called the smart factories the key to innovation<br /><br />"Innovation in the manufacturing industry hinges on small and medium enterprises. Now is the time to expand smart factory systems, which many bigger companies already have, to SMEs."<br /><br />As a matter of fact, the government has allocated over 1 billion U.S. dollars next year to support so-called "smart innovation" for smaller enterprises. President Moon said the administration plans to boost the number of smart factories to 30-thousand by the year 2022. He also pledged to designate two smart industrial complexes next year,... and increase that number to ten by 2022.<br />And by introducing and expanding the smart factory system, President Moon also promised workers that industrial accidents will be reduced by 30 percent.<br />Before returning to Seoul, President Moon Jae-in visited a production line at a local smart factory and also had lunch with local business leaders to encourage them.<br />Hwang Hojun, Arirang News. <br />
