Sung Yun-mo "Achieving 1 Trillion Won Trade with France for 4 Consecutive Years"... Discovering U-Turn Companies (Update)

Sung Yun-mo, Minister of Trade, Industry and Energy, is giving a speech at the export situation review meeting held on the 3rd at the Korea Trade Insurance Corporation in Jung-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Moon Chae-seok] Sung Yun-mo, Minister of Trade, Industry and Energy, announced on the 17th that he aims to quickly achieve a positive export turnaround and reach $1 trillion in trade for four consecutive years.

At the 2020 Ministry of Trade, Industry and Energy work report held at the Blue House State Guest House on the same day, Minister Sung stated that despite the adverse effects of the novel coronavirus disease (COVID-19), he will achieve a positive export turnaround.

Minister Sung emphasized realizing four definite changes: ▲ solid independence from Japan in materials, parts, and equipment ▲ fostering future cars and new industries as the 'second semiconductor' ▲ strengthening the status as the world's number one hydrogen economy country ▲ achieving a positive export turnaround.

He said, "First, to realize 'materials, parts, and equipment self-reliance,' we will alleviate supply and demand instability for key items," adding, "This year, we plan to completely resolve supply instability for the 'three major items' and achieve technological independence for nine items."

He continued, "We will manage performance quarterly so that all 100 major items can achieve stable technological independence within five years," and "In case of unexpected supply disruptions, we will consider issuing emergency adjustment orders."

As a more fundamental change, the government will promote the return of overseas companies to Korea.

Minister Sung stressed, "To attract returning companies, we will select core target companies and provide incentives such as win-win jobs and smartization, and in the long term, we will seek diversification of global supply chains."

He also presented the goal of a 'positive export turnaround and $1 trillion in trade for four consecutive years.' Initially, February, with more working days than the previous year, was considered an optimal time for export surplus, but uncertainty has increased due to the adverse effects of COVID-19.

He said, "We will solidify new northern markets such as Russia and pioneer new southern export markets such as Southeast Asia, as well as expand the export share of small and medium-sized enterprises to 20%," emphasizing, "Through the largest-ever level of support, we will surely achieve a positive export turnaround and $1 trillion in trade for four consecutive years."

The global market share of future cars will also be increased. This year, 160,000 domestic electric vehicles and 7,400 charging stations will be established. By achieving 300,000 eco-friendly car exports, Korea will solidify its status as an advanced country.

He also set the goal of becoming a leading hydrogen economy country. He said, "To lead the world's hydrogen economy, Korea will newly supply 10,000 hydrogen vehicles and build 100 new charging stations," adding, "We will create new products such as hydrogen trucks and hydrogen drones to achieve $100 million in exports."

In system semiconductors, a record investment of 1 trillion won will be made to increase the global foundry market share to 20%. In biohealth, the goal is to achieve $10 billion in exports for the first time this year.

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