The Korean government said Tuesday that it will foster the local service industry over the coming five years as the country's new growth engine, while the country's backbone manufacturing sector has been struggling for years amid faltering exports.
In an economy-related ministers' meeting held in Seoul, the government endorsed the plan to give higher tax rewards and research and development incentives to the service sector in a way that transforms the nation's manufacturing-oriented economy.
"The manufacturing industry, which has led South Korea's economic development in the past, sees its role weakening in terms of economic growth and employment," Deputy Finance Minister Lee Chan-woo said in a media briefing.
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