Despite the longstanding debate over the relationship between public investment and economic growth, opinions with regards to the path and impact remain extremely opposed. There is also a lack of research on the role and management of public investment in enhancing growth and productivity under the current economic climate. Indeed, although recent studies have found that efficient public investment affects long-term economic growth through improved productivity and that strengthening the efficient management of public investment is an important link between public investment and economic growth, those that address the role of public investment in economic growth and productivity remain scarce. Accordingly, this study aims to explore the role of and tasks for public investment in reinforcing productivity within the Korean economy. The relationship between public investment and economic growth and productivity will be empirically and theoretically analyzed and policy implications will be presented for the role of public investment.