Finance Minister Yoo Il-ho has announced a plan to foster new industries and technologies which are expected to be key components of the approaching fourth industrial revolution.

The minister unveiled the plan at an international conference hosted by the Institute for Global Economics in Seoul on Friday.

He said under the plan, the government will invest one-point-six trillion won, or nearly one-point-four billion U.S. dollars, over the next ten years in core technologies of nine sectors such as artificial intelligence and virtual and augmented reality.
 
He said through tax benefits, the government will encourage the private sector to invest in eleven promising sectors, such as intelligence information technology, robots and futuristic cars.
 
Yoo also promised to devise policies that can simultaneously boost flexibility and stability of the labor market as changes in employment structure are expected as a result of the new industrial era.