"I believe it is a very timely issue. It is also a very urgent issue as a way of revitalizing the country's economy," he added, according to Cheong Wa Dae pool reports.

Moon's remarks came only about a week after he emphasized the need to completely overhaul the country's manufacturing industry to maintain its global leadership in the area.

"Leading manufacturing nations are fiercely working to further their capabilities. We can only remain a global leader when we too enhance the competitiveness of our manufacturing industry," Moon said while meeting with officials from the Ministry of Trade, Industry and Energy last Tuesday.

The president insisted innovation is also necessary to create new growth engines.

"Innovating our traditionally strong manufacturing industries to enhance their competitiveness is an urgent issue, but innovating our economy to create our future growth engines is also an important challenge we now face," he said while meeting with his economic advisors. (Yonhap)