Seoul: Finance Minister Koo Yun-cheol announced that South Korea's economy is at a "turning point" that will define its growth trajectory for decades, with plans to implement projects aimed at creating new growth engines.

According to Yonhap News Agency, the government outlined 15 flagship projects under President Lee Jae Myung's five-year economic development blueprint, termed a "super-innovation economy." The government sees the next five years as crucial for securing long-term, sustainable growth, targeting tangible results by 2030.

Koo emphasized the need for South Korea to enhance its competitiveness in advanced industries, such as artificial intelligence, to maintain a lead in the global technological race. The government plans to expedite task forces for six initiatives in three energy-related sectors: next-generation solar power, power grids, and green hydrogen. Plans also include substantial fiscal investments and pursuing aggressive regulatory reforms.

The focus will also extend to nurturing autonomous vehicles, with the goal of fully commercializing autonomous cars by 2027, as stated by the finance ministry. Koo highlighted the importance of capitalizing on recently resolved tariff issues, advocating for increased investment in the U.S. to lead and secure global value chains.

The ruling Democratic Party is expected to submit a special bill to the National Assembly to promote U.S. investment, following an agreement between Seoul and Washington on South Korea's $350 billion investment package related to a trade deal. The agreement was solidified during a meeting between President Lee and U.S. President Donald Trump at the Asia-Pacific Economic Cooperation summit in Gyeongju last month.