Park calls for innovation in service industries to create jobs

SEOUL, Aug. 12 (Yonhap) -- President Park Geun-hye called Tuesday for innovation in service industries to create jobs and boost the growth of South Korea's economy. Park said service industries have the potential to become the darling of Asia's fourth-biggest economy, though it has become an Achilles heel due mainly to regulations and social disputes. "Now, we need to translate even small changes into actions," Park told top government officials and business leaders in a meeting meant to promote trade and investment. She called on officials and business leaders to spur innovation through openness and competition in such promising sectors as health, tourism, finance and software. South Korea has emerged as one of the most favored destinations for foreigners who seek medical treatment in recent years. Some South Korean hospitals also manage hospitals in foreign countries on their behalf. South Korea is considering easing visa rules for medical and health tourists who visit South Korea for the purpose of receiving medical treatment. Still, Park described the achievement in the country's medical sector as a baby step. "We need to foster service industries as key industries for exports ... by removing obstacles in making inroads into foreign countries through deregulation," Park said. South Korea's service industries account for 60 percent of its gross domestic product, and 70 percent of its employment, according to the finance ministry. entropy@yna.co.kr (END)