Gyeonggi-do to Establish Basic Plan for Fostering Materials, Parts, and Equipment for 'Technological Independence'

[Asia Economy (Uijeongbu) = Reporter Lee Young-gyu] Gyeonggi Province is set to actively enhance the competitiveness and localization of the materials, parts, and equipment industry.

On the 13th, Gyeonggi Province announced that it will establish and implement the "Basic Plan for Fostering Gyeonggi Province's Materials, Parts, and Equipment Industry" to proactively respond to Japan's export regulations and break away from an externally dependent industrial structure.

This basic plan includes specific mid- to long-term plans to realize three major strategies aimed at building a Gyeonggi Province-style innovation ecosystem for materials, parts, and equipment: ▲selection and fostering of core strategic items ▲establishment of a win-win foundation between large and small-to-medium enterprises ▲promotion of industry-academia-research clusters.

Since last month, the province has formed and operated the "Gyeonggi Province Materials and Parts Industry Fostering Strategy Task Force (TF)" composed of related departments, affiliated public institutions, and experts.

The TF will concretize the implementation tasks, derive realistic measures through multifaceted consultations and reviews, collect opinions and hold discussions for detailed action plans, conduct expert group discussions by department, coordinate overlapping tasks, and establish an organic cooperation system.

In particular, by holding regular inspection meetings to manage key implementation tasks and collecting field opinions from related companies and organizations, the TF will continuously discover practical support measures for the materials and parts industry.

The province plans to complete the basic plan by June and, based on this, will promote full-scale fostering projects.

Kim Gyu-sik, Director of Economic Planning at the province, emphasized, "Gyeonggi Province accounts for 35% of the nation's materials, parts, and equipment industry," adding, "We will do our best to ensure that Gyeonggi Province plays a solid central role in South Korea's industry through fostering related industries."

Since the announcement of Japan's export regulations in July last year, the province has actively responded by starting with an emergency countermeasure announcement on the 4th of the same month, establishing a damage reporting center, operating an emergency response TF, and allocating an additional budget of 32.6 billion KRW including 10 billion KRW in special management funds.

In November last year, the province enacted the "Gyeonggi Province Materials and Parts Industry Fostering Ordinance," providing a legal basis to systematically support the fostering of the materials and parts industry within the province. Additionally, in March this year, through organizational restructuring, the "Materials and Parts Industry Team" was newly established within the Economic Office’s Specialized Enterprise Support Division to be responsible for policy formulation related to fostering the materials, parts, and equipment industry and coordinating public-private cooperation measures.

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