The emergency economic inspection committee launched soon after President Lee Jae Myung took office last month will be transformed into a growth strategy task force, with a mission to seek opportunities and build momentum for growth.

Lee announced the change on Wednesday while presiding over the committee’s third meeting, saying the new task force will concentrate on long-term policy tasks.

He urged the committee’s chief, Finance Minister Koo Yun-cheol, to consult with the private sector when necessary to craft policies that promote sustainable growth.

Stressing that his “people’s sovereignty” government will be a pragmatic, market-oriented government, Lee called on the officials to lead efforts to revitalize business and investment.

The president also promised to establish a fund worth over 100 trillion won, or around 72 billion U.S. dollars, with participation from both the public and private sectors, to invest in future strategic industries that will lead the economy for the next 20 years.

Lee said the administration will draw up a plan setting forth regulatory reforms for different industries in an effort to enable the creation of future growth engines in artificial intelligence and other cutting-edge industries.