[New Year's Message] Sung Yun-mo, Minister of Industry, "I will run together with companies to overcome COVID-19"

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Sung Yun-mo, Minister of Trade, Industry and Energy. / Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Moon Chae-seok] Sung Yun-mo, Minister of Trade, Industry and Energy, said on the 30th, "We will work together with companies to completely overcome the COVID-19 crisis and restore vitality to the industrial field," adding, "Above all, we will firmly turn exports into a positive growth."

Minister Sung made these remarks in his 2021 New Year's address announced on the same day.

He emphasized, "We will support export companies by ensuring sufficient supply of trade finance, expanding digital trade, and resolving on-site difficulties such as export logistics congestion."

In trade, he stated that Korea will consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Following President Moon Jae-in on the 8th and Trade Negotiations Chief Yoo Myung-hee on the 16th, the head of the Ministry of Trade, Industry and Energy also announced consideration of CPTPP membership.

Minister Sung said, "In connection with the inauguration of the new U.S. administration, we will actively participate in discussions on restoring the multilateral system and consider joining the CPTPP from the perspective of national interest."

To accelerate the execution of the Korean New Deal, the government plans to induce private investment. Minister Sung stated, "We will steadily promote the government's initial investment to enable companies to make new investments," adding, "Especially in the process of implementing the Korean New Deal, we will swiftly execute large-scale solar and wind power projects, smart green industrial complexes, and future car infrastructure flagship projects that are tangible, thereby driving private investment."

He emphasized, "We will promote the upgrade of key industries by combining digital and eco-friendly technologies, while innovating the industrial structure and enhancing competitiveness through fostering new industries."

He continued, "First, we will utilize digital technology as the source of innovation in manufacturing. For the big three new industries?future cars, system semiconductors, and bio?we will strive to achieve concrete results one by one based on past efforts throughout the year."

He clearly stated that while accelerating carbon neutrality policies, the opinions of companies will be sufficiently reflected.

Minister Sung said, "We will begin bold preparations toward carbon neutrality," adding, "We will carefully prepare technology development and investment strategies involving both public and private sectors under a long-term perspective, while thoroughly consulting and communicating with companies."

To this end, plans are in place to accelerate the strengthening of competitiveness in the energy industry.

Minister Sung said, "In line with the expansion of renewable energy, we will significantly reinforce power grids and operation systems and reform the electricity market," adding, "We will make the renewable energy industry our future growth engine by developing next-generation technologies such as high-efficiency solar power and ultra-large wind power, and establishing a full hydrogen economy value chain from hydrogen production and distribution to utilization."

To increase the commercialization rate of technology-capable small and medium enterprises, the government will expand the 'solidarity and cooperation' model.

Minister Sung said, "We will support solidarity and cooperation activities that enhance the overall industrial capacity and prepare for the future, such as preparing for the future car transition in the automobile industry and cooperation between fabless and foundry in the system semiconductor sector, thereby creating a new turning point for a leap forward."

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