Hong Nam-ki: "Vehicle Semiconductor Supply Shortage to Continue Until Q3... Public-Private Joint Response"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is speaking at the 6th Innovation Growth BIG3 Promotion Meeting held at the Government Seoul Office on the 10th. (Photo by Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki stated on the 10th, "The shortage of automotive semiconductors is expected to last at least until the third quarter, so we will undertake a public-private joint response to ensure that there are no disruptions in finished vehicle production."

On the morning of the same day, Deputy Prime Minister Hong held the '6th Innovation Growth BIG3 Promotion Meeting' at the Government Seoul Office in Sejong-ro, Seoul, saying, "The deepening shortage of automotive semiconductors, which mostly depend on overseas imports, is significantly affecting finished vehicle production."

The government plans to increase the supply of automotive semiconductors by supporting quarantine convenience for entry and exit, simplifying customs procedures, and discovering automotive semiconductors that can be supplied as short-term alternatives and certifying their performance. It plans to invest more than 200 billion KRW in future car semiconductor technology development by next year.

Deputy Prime Minister Hong said, "We will directly invest more than 200 billion KRW by next year in the development of core future car semiconductor technologies such as automotive application processors (APs), and actively consider preferential support such as industrial structure advancement programs when promoting foundry (semiconductor contract manufacturing) expansion related to automotive semiconductor production."

He added, "We will establish cooperation channels between demand companies such as finished car manufacturers and supply companies such as fabless and foundries, and build an online matching platform for demand-linked technology development within this month."

The government plans to activate the bio venture market by establishing a 'Bio Lab Central' that provides joint laboratories and research equipment to entrepreneurs, aiming for bio venture companies to move in by 2024.

Additionally, through measures to create demand and strengthen purchase linkage for innovation procurement in the BIG3 industries, the government plans to increase innovative products.

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