Prime Minister Han Duck-soo vowed there will be all-out efforts by the government in paving the road for a new South Korea as he said the nation currently stands at a crossroads between making a leap forward and taking a step back. 

Han made the remark in a speech delivered at a ceremony in Sejong Center for the Performing Arts on Tuesday marking the 4355th National Foundation Day.  

The prime minister said though South Korea is making significant advancements, drawing global attention in numerous fields, it cannot remain optimistic.  

He said the government will first lead the economy to make another leap with new industries and technological innovation.  

Han also said crises turn out to be new opportunities as he noted that the people feel the economy is seeing slow recovery due to uncertainties, including a rise in global oil prices while competition for technological supremacy, restructuring of global supply chains and changes in population structures are threatening economic sustainability.  

Stressing the need to change the disposition of the nation’s economy and to prepare for the future, Han pledged to strengthen national competitiveness by revitalizing investment through bold regulatory reform and boosting technological innovation.  

While vowing to make South Korea a country where all the people live happily, Han said the government will provide policy support for young adults, including job creation, and build a social network for the elderly while providing high-quality social services for the disabled and multicultural families.