Hong Nam-ki: "K-SoBuJang, a Task as Important as Quarantine... Accelerating Domestic Return of SoBuJang Overseas Supply Chains" (Comprehensive)

Discovering and Nurturing 100 Sobujang Startups, Promoting Sobujang Specialized Complex

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki emphasized on the 13th, "We will accelerate the reshoring of overseas supply chains to establish a stable supply chain for materials, parts, and equipment."

Deputy Prime Minister Hong made this announcement during the 4th Materials, Parts, and Equipment Competitiveness Enhancement Committee held at the Korea Research Institute of Chemical Technology in Daejeon.

Hong stated, "The recent COVID-19 pandemic has once again reminded us of the ripple effects on our economy due to the weakening of the Global Value Chain (GVC) and the urgency of our response."

He added, "With global supply chains severely damaged by lockdowns and movement restrictions imposed by major countries worldwide, the so-called 'K-Materials, Parts, and Equipment (K-SoBuJang)'?which includes the development of core technologies and the establishment of a stable ecosystem for materials, parts, and equipment critical to existing key industries such as automobiles and semiconductors, as well as new industries like bio-health and future vehicles?is an important immediate task comparable to K-Quarantine."

Hong also said, "Although there were concerns and criticisms that regulatory measures would immediately disrupt the procurement of core materials and parts, causing significant damage to our economy, we have successfully overcome these challenges through emergency responses. Efforts to establish a stable supply base for materials, parts, and equipment on a mid-term basis, according to the 5-year plan for enhancing competitiveness, are also progressing without setbacks."

Regarding Japan's export restrictions on South Korea, he urged, "We ask Japan to present its position on resolving issues related to the three regulated items and the whitelist by the end of this month."

Hong explained, "The government has prepared three reinforcement measures, including the enactment of the Materials, Parts, and Equipment Special Act, the establishment of a special account for materials, parts, and equipment, and the installation of the Competitiveness Enhancement Committee for materials, parts, and equipment, to ensure continuous and consistent efforts rather than one-time actions."

Meanwhile, the meeting discussed ▲approval of the 3rd cooperation project between demand and supply companies ▲discovery and nurturing of 100 materials, parts, and equipment startups ▲plans to promote specialized complexes for materials, parts, and equipment.

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