Park urges ‘to knock on door of creative economy without fear`

President Park Geun-hye said on Thursday, “In order for the world to escape from the lethargic situation of slow growth, it should discover a new growth engine,” adding, “The answer is none other than creative economy, which creates added value with new ideas and new technologies.”

At the opening ceremony of the Creative Economy Expo held at COEX in Seoul’s Gangnam district on the day, President Park said, “Some say ‘creative economy is ambiguous and is not in the right direction.’ That is the situation of people who have failed to open the door of creative economy and enter. You should not be afraid of it, and instead knock on the door.” It is the first time that President Park has proactively reacted to criticism against creative economy. Analysts say that the president`s response reflects her confidence in the policy agenda, as visible outcomes of creative economy are being gradually generated, with the number of new startups reaching 70,000 this year, an all-time high, as of last month.

Park went on to say, “The government will try its best to provide assistance to ensure that the flame of creative economy spreads across our nation, and legendary successes of venture companies are generated in succession.” She thus made it clear that creative economy takes the center stage in next year’s economy policy. Earlier on Tuesday, Park said, “The government will place regulations on the guillotine and address them all at once. A source at the presidential office said, “President Park makes all-in bet in deregulation, public sector reform and creative economy in the third year in office.”

Meeting with entrepreneurs who have experience in failure at the "Retrial Pavilion" at the venue of the Creative Economy Expo, the president said, “Sharing stories of failure is in vogue in Silicon Valley right now,” adding, “Experience of failure is a textbook that is alive and real. Commitment and enthusiasm to overcome it (failure) is important,” in encouraging entrepreneurs.

She added, “Running a venture company requires both good ideas and technologies, but the undying spirit of roly poly to stand up again after failure is just as important as technology or creativity.” The expo will continue through Sunday.