Seoul, Jul 13 (IANS): South Korean President Yoon Suk-yeol said on Wednesday that his administration will prepare for the post-pandemic era by transforming the economy to one that is private sector-led and by working together with the international community.

"As seen during the NATO summit, this is a theme that is of interest to many countries, and the new administration is also focusing on drawing up a mid to long-term strategy to prepare for the new normal era," he added during a conference in Seoul, referring to the NATO meeting he attended in Spain during June.

Yoon said the new era presents various challenges, such as the Covid-19 pandemic, supply chain disruptions and the global economic crisis, Yonhap news agency reported.

Only when South Korea fulfills its role as a global leader will the country be able to wisely overcome the multiple crises, he added.

"We will build a mutually beneficial supply chain based on key capabilities in advanced industries such as semiconductors, batteries and future cars, and strengthen partnerships in technology and industry through international cooperation," Yoon said.

"For this, the government will create an innovative environment to allow the private sector to truly become the main agents of the economy."

Yoon called for focusing the government's efforts on discovering future growth engines through the fostering of key strategic industries and a talented workforce, and on overcoming inflation.

"The government plans to prepare for the grand transformation to a new normal era upon the two pillars of transformation to a private sector-led economy, and solidarity and cooperation with the international community," he added.