Ministry of Industry Reports to National Assembly... "Realizing an Industrial Powerhouse"

On March 18th, Seong Yun-mo, Minister of Trade, Industry and Energy, delivering a congratulatory speech at the 47th Commerce Day ceremony held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced on the 28th during its report to the National Assembly that it will overcome the crisis caused by the novel coronavirus infection (COVID-19) and appropriately respond to the post-COVID era to make South Korea an "unshakable industrial powerhouse."

At 10 a.m. on the same day, during the report to the National Assembly's Industry, Trade, Energy, Small and Medium Enterprises Committee (Sanjoongwi), the ministry explained its current status and vision.

The Ministry of Trade, Industry and Energy was allocated a budget of 9.4367 trillion KRW this year. In the first supplementary budget, 285 billion KRW (for 4 projects) was added. In the second supplementary budget, 90.23 billion KRW (for 14 projects) was cut, but in the third supplementary budget, 813.6 billion KRW (for 28 projects) was added.

This year's legislative plan includes 18 items. Representative laws include the Rational Energy Use Act, the Act on Areas Surrounding Power Plants, and the Energy Act.

The Rational Energy Use Act focuses on introducing the "Energy Efficiency Resource Standard" (EERS). The Power Plant Act clarifies regulations requiring local governments to manage support funds for surrounding areas through a special account.

The Energy Act includes provisions to make the Energy Technology Evaluation Institute an affiliated institution of the Korea Institute for Advancement of Technology.

The ministry reported three major policy tasks to make South Korea an industrial powerhouse: ▲ Realizing a future-oriented industrial powerhouse and accelerating innovation ▲ Revitalizing exports and responding to the new international order ▲ Sustaining energy transition and promoting the Green New Deal.

To realize an industrial powerhouse, the ministry plans to ▲ Overcome crises in key industries and foster new industries ▲ Continuously strengthen competitiveness in materials, parts, and equipment ▲ Achieve industrial innovation growth through the Digital New Deal ▲ Revitalize regional industries and create jobs ▲ Strengthen innovation capabilities of mid-sized companies and establish new distribution infrastructure.

In preparation for the global strengthening of protectionism, the ministry will ▲ Make all-out efforts to restore export vitality ▲ Promote trade security policies that contribute to industrial competitiveness ▲ Enhance foreign investment promotion and support for corporate returnees ▲ Respond to trade issues and advance strategic economic cooperation ▲ Cooperate on global standards and certification and respond to technical regulations.

To transition the energy system to new and renewable energy, the ministry will ▲ Settle energy transition policies and ensure sustainability ▲ Accelerate energy innovation through the Green New Deal ▲ Strengthen competitiveness in new and renewable energy and create new energy markets ▲ Establish a sustainable nuclear power operation ecosystem ▲ Strengthen energy security and build safety management systems.

Source: Ministry of Trade, Industry and Energy

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