President Park Geun-hye on Thursday called on businesses, especially conglomerates, to make bold investments to help bolster the slowing economy amid growing difficulties at home and abroad.

Park made the appeal during the groundbreaking ceremony of a large science park dedicated to research and development for LG Group's 10 major affiliates, including LG Electronics and LG Display.

"The weak yen and other rapid changes in the external environment are causing our competitors to catch up with us fast while domestic demand remains stagnant, leading to growing concerns about our growth potential," Park said. "Economic reform is impossible with only the efforts of the government and only possible through the active participation and efforts of businesses and the private sector."

"The greater the difficulties, the more we should prepare for after the crisis through bold investments."

Park especially called for greater investments in the development of new products and industries, saying such moves would help the country's businesses and economy play a leading role in the world.

The government, for its part, has been pushing to carry out the three-year economic innovation plan unveiled in February in order to overcome challenges at home and abroad and help the economy take a leap forward, she said.

The three-year plan centers on three main strategies -- strengthening economic fundamentals, nurturing an innovative economy and creating a balanced economy where not only exports but also domestic demand is stimulated.

Park also stressed the importance of creating an environment where all businesses, including conglomerates, small and medium-sized firms and start-ups, can grow together, saying she hopes the LG science park will lead by example. (Yonhap)