President Moon Jae-in was in the southeastern province of Gyeongsangnam-do on Thursday to talk about what South Korea needs to do to revitalize its slowing economy.
He said the key is innovation in manufacturing.
The visit was part of the president's tour aimed at boosting local economies outside of Seoul.
Hwang Hojun reports.
"The only thing that can revitalize the local economy of Gyeongsangnam-do Province, let alone that of Korea as a whole, is innovation in manufacturing."

President Moon Jae-in was speaking at an event on Thursday where the government revealed its strategies for innovation, which include the implementation of smart manufacturing in the southeastern province of Gyeongsangnam-do.
He admitted the Korean economy is losing steam because the manufacturing sector,... the nation's traditional driving force, is facing serious competition from emerging countries.

"We need to raise our competitiveness through innovation and take a new leap forward as a manufacturing powerhouse. Innovation in the manufacturing sector for innovative growth and job creation is a task that we cannot avoid and that should not take a backseat."

Gyeongsangnam-do has adopted manufacturing innovation as its key growth strategy.
President Moon also asserted the importance of expanding the so-called smart factory system,... an initiative that provides automation solutions and intelligent upgrades for higher productivity in manufacturing facilities,... especially for small and medium-sized companies.
He called the smart factories the key to innovation

"Innovation in the manufacturing industry hinges on small and medium enterprises. Now is the time to expand smart factory systems, which many bigger companies already have, to SMEs."

As a matter of fact, the government has allocated over 1 billion U.S. dollars next year to support so-called "smart innovation" for smaller enterprises. President Moon said the administration plans to boost the number of smart factories to 30-thousand by the year 2022. He also pledged to designate two smart industrial complexes next year,... and increase that number to ten by 2022.
And by introducing and expanding the smart factory system, President Moon also promised workers that industrial accidents will be reduced by 30 percent.
Before returning to Seoul, President Moon Jae-in visited a production line at a local smart factory and also had lunch with local business leaders to encourage them.
Hwang Hojun, Arirang News.