Finance Minister Kim Dong-yeon has emphasized innovative growth ahead of the Moon Jae-in administration's first anniversary.

On Tuesday, the finance chief said the South Korean economy must push for more innovative growth in order to increase sustainability.

Kim made the remark while meeting with young entrepreneurs during his visit to the Tech Incubator Program for Startups(TIPS) Town, a cluster of innovative startups located in Gangnam District in southern Seoul. 

The minister noted achievements in this year's first quarter, such as record highs in the number of business startups and the amount in venture capital investment. He stressed that innovative growth is the path forward for the Korean economy.

Kim who also serves as deputy prime minister for economic affairs called for parliamentary discussions on a supplementary budget to support innovative growth.

He said that prompt passage of the supplementary budget bill in parliament can enable the implementation of policy measures and the execution of budget for innovative startups.