▲ Choi Sang-mok, the Acting President and Deputy Prime Minister and Minister of Economy and Finance, is speaking at the ‘Meeting of Ministers Related to State Affairs, Economic Affairs, and Industrial Competitiveness Enhancement’ held at the Government Complex in Seoul on the 5th.
Acting President Choi stated, “To secure a lead in advanced technology, proactive large-scale investments are necessary.”
During the meeting he presided over today (5th) at the Government Complex in Seoul, Choi emphasized, “In a rapidly changing industrial environment, it is crucial to preemptively capture market opportunities.”
Choi reported, “The chasm period, where there is a gap between market demand and new technology, must be flexibly overcome. We need to closely monitor changes in the trade environment and respond swiftly as required.”
He also mentioned the U.S. new administration’s tariff policy, saying, “The uncertainty in the trade environment is continuously expanding, as the entire industry is rapidly restructuring around advanced technologies such as semiconductors, AI, and electric vehicles, leading to fiercer technology competition among major countries.”
Furthermore, he added, “The government will actively support and communicate closely with companies to ensure they have the necessary time to adapt. We will continue to devise bold and unprecedented support measures to fit the new environment.”
The meeting also discussed plans to establish a new fund for advanced strategic industries, improvements to the national contract dispute adjustment system, long-term livestock disease prevention development strategies, and ways to contribute to food security in developing countries using K-agriculture technology.
Acting President Choi stated, “Timing is crucial in supporting advanced industries,” and explained, “We will establish a 50 trillion won advanced strategic industry fund to broadly support sectors like semiconductors, AI, secondary batteries, and bio from large corporations to mid-sized and small businesses.”
The government plans to submit a bill to amend the relevant Industrial Bank Act and a ‘National Guarantee Agreement for Advanced Strategic Industry Bonds’ to the National Assembly within this month.
(Photo: Yonhap News)