South Korea’s government will nurture non-memory chips, bio-health and next-generation cars as key industries. 

A senior presidential official said on Monday that these sectors, where the country has global competitiveness and which have huge potential for job creation, will invigorate the overall economy while leading the “innovative growth” strategy for the Moon administration. 

The official said President Moon Jae-in believes the Korean economy must transform itself into a "first mover" in the global market instead of chasing leaders. The official added the key three areas will be nurtured to help Korean companies become leaders in their respective fields. 

The industries were selected based on five criteria, which include whether they have global competitiveness, potential to help the growth of small firms and job creation. 

The government is expected to give active support to the relevant industries, including fiscal assistance and speedy deregulation.