Jeong Seung-il, Vice Minister of Industry, "Petrochemical Industry Managed Crisis Well... 2.1 Trillion KRW Support for Materials, Parts, and Equipment This Year"

[Asia Economy Reporter Moon Chaeseok] The government gave high praise to the petrochemical industry, which achieved self-reliance in the materials, parts, and equipment sector during last year's Korea-Japan trade dispute. It decided to increase support by expanding this year's budget to 2.5 times that of last year.

The Ministry of Trade, Industry and Energy and the Korea Petrochemical Industry Association will hold the industry's New Year's greeting event on the 8th at the Plaza Hotel in Seoul.

At the congratulatory speech, Deputy Minister Jeong Seung-il of the Ministry of Trade, Industry and Energy is expected to state that last year, the petrochemical industry faced many difficulties due to demand slowdown caused by the US-China trade dispute and increased global supply, and it was a year that made the importance of the materials, parts, and equipment industry felt due to Japan's export restrictions.

Deputy Minister Jeong plans to request attention and cooperation so that successful cases such as self-reliance can spread throughout the industry, emphasizing that the public and private sectors are turning the crisis into an opportunity through swift response.

This year's key policy directions include ▲visualizing the achievements of the materials, parts, and equipment policy ▲resolving investment difficulties ▲environmental and safety investments.

Among these, a budget of 2.1 trillion won will be allocated for the materials, parts, and equipment policy. This is 2.5 times larger than last year's 832.5 billion won.

Support will be strengthened throughout the entire cycle for 100 core items, specialized leading companies will be selected and supported, and a separate tax credit will be newly established to provide tax credits for technology development investments. Through improvements in environmental and labor regulations, the industry’s development of high value-added products and portfolio diversification will be supported.

The government, local governments, related organizations, and the industry will unite to operate an investment support task force to reduce investment difficulties in the industry. They plan to actively support the provision of infrastructure such as land, electricity, and water.

This content was produced with the assistance of AI translation services.