SEJONG-- South Korea's finance minister renewed his calls for innovative growth across the country Friday in the latest appeal to bolster Asia's fourth-largest economy.

Kim Dong-yeon also said the government should put in place infrastructure to support innovation and asked relevant officials in different ministries and government agencies to produce tangible outcomes of innovative growth.

South Korea has taken a series of steps to boost innovation in recent years.

Kim's comments came amid intensifying global competition to stay ahead in such fields as artificial intelligence (AI), the Internet of Things, autonomous vehicles, 3-D printing and biotechnology. Technological breakthroughs in these areas could bring about significant changes.

South Korea has said it plans to spend 1.6 trillion won (US$1.3 billion) in the coming 10 years to foster nine core technologies, including AI and virtual and augmented reality, as part of efforts to prepare for the fourth industrial revolution.

Source: Yonhap News Agency