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SEOUL， May 12 (Xinhua) -- South Korea Thursday vowed to innovate the research and development (R&D) sector to overcome the pending crisis situation facing the country's economy.


A presidential council on science and technology， headed by President Park Geun-hye， was launched Thursday to oversee the nation's efforts to overhaul the science and technology policy.


Park presided over the inaugural session of the council at her office Cheong Wa Dae， attended by 19 other standing members of the panel and 21 top government officials， including Prime Minister Hwang Kyo-ahn.


"The only way to overcome the pending crisis situation facing our economy and to ensure another take-off of our economy is to promote a creative economy based on innovative ideas and new technologies，" the president said. "(The government) plans to push for a state strategic project to spearhead pan-national policy on innovating the science and technology field."


A sense of crisis is palpable here over slow progress in South Korea's R&D industry， as it's eagerly seeking new growth engines.


South Korea spent 4.29 percent of its GDP on R&D as of 2014， but criticism has said that the government lacks specific strategy and leadership.


"South Korea's existing R&D strategy is outdated and fundamental renovation is needed in the related system，" the the Ministry of Science， ICT and Future Planning said.


It added that the government will review all its R&D projects from a "zero base" to focus on enhancing effectiveness and productivity.


The government will take a dual-track approach to concentrate on a small number of selected R&D projects that require its direct handling and let the private sector lead in the remaining ones， said the ministry.


It also has decided to expand long-term financial support to talented start-ups in the R&D field， the ministry added.


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