By Na Jeong-ju
Staff Reporter
President Lee Myung-bak instructed senior economic policymakers Thursday to establish more microcredit banks, citing many needy families are still left uncared for despite the economic recovery.
The administration has set up 31 banks for low-income families, dubbed ``smile banking'' foundations, in big cities nationwide as part of programs to strengthen the social safety net.
They provide loans with low interest rates to help poor families, who have difficulty in getting loans from ordinary banks due to their poor credit rating, to start their own businesses.
``There have been growing demands for microcredit funds in smaller cities nationwide as well. We have to reach out to them,'' Lee said during an economic policy coordination meeting at the Techno Park in Cheonan, South Chungcheong Province.
``Macroeconomic data shows the country is recovering to a pre-crisis level, backed by robust exports. Nevertheless, many people have still failed to benefit from the recovery. We have to take care of them.''
Also on the agenda at the meeting was how to enhance the global competitiveness of the country's 3D technologies, media industry, and software business.
CEOs from private enterprises suggested that the government increase financial incentives and administrative support for technology firms so that they can become competitive global players, according to presidential spokesman Park Sun-kyoo.
President Lee remarked that the economy is now under pressure to develop future growth engines.
``It is very important to secure strong positions in emerging industries to maintain sustainable economic growth,'' said Lee, a former CEO of Hyundai Engineering and Construction. ``The government should adopt the policy of concentration after selection to nurture some promising companies to become the best ones in the world, in their respective areas.''
He also called for aggressive investment in emerging sectors, stating the government as well as the private sector should share a sense of crisis.
``The government can't support all firms equally. That's too costly and ineffective,'' the President said. ``We have to keep in mind that only the strongest can survive. We need to focus on the chosen few to make them industrial leaders and trendsetters.''