The government has set out plans to provide major support to foster new growth industries through new tax systems and maximizing of tax benefits under the current tax code. 
 
During an economy-related ministers' meeting Thursday, the Finance Ministry and other related government agencies announced their assessment on current economic conditions and policy response direction, which included measures on industrial reform. 
 
Under the plan, the government will provide a one-trillion won fund to foster new growth sectors and also invest 80 trillion won in policy capital for the information and communication technology convergence sector and the cultural contents area.
 
The government will also review increasing tax support to companies undergoing restructuring and designating business areas for special employment assistance. 
 
It will also execute more than 275 trillion won of budget in the first half of the year to prepare against downside risks in the economy.
 
In addition to the reform drive of four major sectors including labor and finance, the government is now pushing for an industrial reform initiative through corporate restructuring and cultivating new growth sectors aimed at boosting economic growth and creating jobs.