President Moon Jae-in has vowed deregulation and active support to foster the country's growth in the fields of science and technology.

The president on Friday made the pledge in his speech at a ceremony marking the opening of a new research complex of LG Group in western Seoul. 

Moon said that the government will create an environment favorable to innovation-led growth and eliminate regulations hindering the development of new technologies and products.

He said that the nation's economy needs a new growth engine to reach a higher level, and that engine is innovation, stressing the importance of science and technology for economic growth. 

The president also promised to ensure that the government will significantly increase start-up assistance and support for technology development.  

LG Group opened LG Science Park to bolster its technological capabilities. The facilities will reportedly accommodate 22-thousand researchers by 2020.