Jeong Seung-il, Vice Minister of Industry, "Strengthening Digital Engineering Capabilities in the 4th Industrial Revolution Era"

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced that it will hold a New Year's greeting event for the engineering industry at 11:30 a.m. on the 10th at the Sheraton Seoul Palace Gangnam Hotel. At this event, the ministry plans to emphasize the need to strengthen the industry's digital engineering capabilities in the era of the Fourth Industrial Revolution.

More than 110 industry representatives, including Deputy Minister Jeong Seung-il of the Ministry of Trade, Industry and Energy, will attend the event to share policy directions for the engineering industry.

Deputy Minister Jeong expects the domestic social overhead capital (SOC) market to expand this year but recognizes the challenging situation due to instability in the Middle East, emphasizing the need to strengthen public-private cooperation. He plans to present current issues and challenges facing the industry, such as overseas expansion, responding to the Fourth Industrial Revolution, and realizing appropriate project fees.

Given the industry's high dependence on domestic demand, expanding overseas markets is urgent for innovation. The ministry will deliver a message to actively support the industry's market development and diversification. Plans include establishing a regional order support system, expanding feasibility study support, and planning pilot projects to accumulate achievements in high value-added areas.

Above all, the ministry intends to announce its commitment to strengthening the industry's digital engineering capabilities to firmly establish the foundation for the Fourth Industrial Revolution. The plan is to digitalize data at every stage from design to facility operation and maintenance, and to create an engineering environment that dramatically improves work productivity by utilizing artificial intelligence technologies.

To realize appropriate project fees, the ministry will expand the development of standard unit prices to ensure that engineering activities are properly valued and to attract young talent, as well as raise the bid-winning rate.

Deputy Minister Jeong will also convey a message that the industry has committed to taking on new challenges such as market diversification and integrating new technologies of the Fourth Industrial Revolution, and to encouraging young engineers to have a vision.

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