President Moon: "We Must Protect the Industrial Ecosystem with 'Extraordinary Resolve'... The Breakthrough is the 'Digital Economy'"

On the 21st, 'Major Industry Meeting'... CEOs of Leading Companies from 9 Sectors Including Aviation, Shipping, Machinery, Automotive, and Shipbuilding Attend

President Moon Jae-in is presiding over the 'Key Industry Meeting for Overcoming the Crisis' at the Korea International Trade Association conference room in Samseong-dong, Gangnam-gu, Seoul on the 21st.
[Image source=Yonhap News]

[Asia Economy Reporter Son Sun-hee] President Moon Jae-in said on the 21st, "With an extraordinary determination to protect the entire industrial ecosystem, we must safeguard jobs and surely revive our industry and economy." Amid an unprecedented economic crisis caused by the novel coronavirus disease (COVID-19) outbreak, he proposed the 'digital economy' as a breakthrough solution.

At 10 a.m. that day, President Moon held a meeting with top executives (CEOs) of major industries at the Korea International Trade Association's main conference room in Gangnam-gu, Seoul, stating, "During the foreign exchange crisis, we promoted the IT industry, and during the global economic crisis, we fostered the green industry." He added, "If companies, the government, and the public unite, I am confident that we will overcome the industrial crisis caused by COVID-19 and emerge as a 'leader in the digital economy era.'"

President Moon expressed concern, saying, "Recently, global border closures and movement restrictions have directly impacted the aviation and shipping industries, and shipbuilding orders have sharply declined." He also noted, "The automobile industry is in a very difficult situation due to decreased demand in the North American and European markets and disruptions in overseas production." Additionally, he mentioned the impact on the textile industry due to the fashion industry's downturn, as well as ripple effects on downstream industries such as machinery, petrochemicals, steel, and refining.

He then evaluated the efforts of industries venturing into the digital economy. President Moon said, "Refining companies have established electric vehicle charging and payment data systems, and the petrochemical industry has embarked on developing advanced materials." He added, "The machinery and automobile industries are responding swiftly to unmanned automation at construction sites and the mobility service market."

President Moon stated, "While supporting the innovative efforts of our companies, the government will also strive to nurture future technology talents." He said, "The government is accelerating the training of specialized personnel in new industries such as artificial intelligence (AI), big data, blockchain, future vehicles, drones, intelligent robots, smart ships, and biopharmaceuticals."

The meeting was attended by major economic organization leaders including Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, and Kim Young-joo, Chairman of the Korea International Trade Association, as well as representatives from nine industries including aviation, shipping, machinery, automobiles, shipbuilding, refining, petrochemicals, steel, and textiles. On the government side, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, ministers from related departments, Financial Services Commission Chairman Eun Sung-soo, and KDB Industrial Bank Chairman Lee Dong-gul were present.

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