Science, ICT and Future Planning Minister Choi Mun-kee on Wednesday said the government would do its best to defend and bolster local information communications and technology firms in the competition against foreign rivals. 

He also hinted that the administration may act to counter the practice of other countries, namely the U.S., that offer subtle support to their ICT firms, such as Cisco Systems.

“This is done by offering financial support, such as through international aid, to countries where such companies are seeking to thrive,” Choi said, noting that in the case of Cisco, the U.S. government offers Official Development Assistance to nations in Africa in return for using Cisco products and services. 

He also acknowledged that in Korea, local ICT firms, especially parts manufacturers, were being pushed out of competition by foreign players.

“It’s time now to address this issue and start to use more of our (companies),” the minister said.

Choi was speaking at a press conference held at the Press Center in a bid to explain once and for all what “creative economy” is in the face of mounting criticism that the government has been vague on the concept despite it being one of President Park Geun-hye’s key policy initiatives.

Bolstering software development, along with creating a more favorable environment for venture start ups and deregulation in general were among the measures Choi mentioned to help uphold the creative economy drive.

He added that pan-government efforts were needed in order to push Korea into this direction, adding that the ministry was working with other government agencies and institutes.

By Kim Ji-hyun (jemmie@heraldcorp.com)