Finance Minister Hong Nam-ki says the government is reviewing measures to boost investments by private businesses, including fiscal and tax incentives and reduction of bureaucratic red tape. 

Hong revealed the move on Friday in a meeting with representatives of business lobby groups, saying the government is thinking hard about how to relieve pressure on companies and rejuvenating their business activities. 

The minister said next year’s economic policies are being drafted with a dual focus, including recovery and reinvigoration. 

The other focus, he said, is transforming the once follower-type economy into a pace-setting one, adding it will involve efforts to build ecosystems for the “Big Three” industries of future cars, bio-health and system semiconductors. 

Hong said full-throttle efforts on Korean New Deal projects and measures to meet the goal of achieving carbon neutrality by 2050 will also be prepared in 2021.