The government plans to create more than 300-thousand jobs through 2022 by overhauling industrial policies to be centered on innovation and growth.

The Ministry of Trade, Industry and Energy presented the plan to the National Assembly’s Trade, Industry, Energy, SMEs and Startups Committee on Monday.

The new industrial policies center on innovating industries, corporations and regions.

Innovating industries will focus on promoting joint growth of key and new industries. Innovating corporations will lay emphasis on mutual advancement of large, mid-sized and small businesses. Innovating regions will center on achieving balanced development of capital regions and provincial areas.

The ministry said an industrial structure leaning toward certain industries, businesses and regions could cause an optical illusion for growth and thus have limits in creating new innovative capabilities.

The ministry said by revamping industrial policies, it plans to reactivate a growth cycle in which industries lead to jobs and jobs lead to income.