KCCI Welcomes "Second Half Economic Policy and Measures to Secure New Growth Engines"

The Ceremony for Commerce and Industry Day was held on the 31st at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Hwang Yoon-joo] The Korea Chamber of Commerce and Industry (KCCI) welcomed the government's announcement of the '2021 Second Half Economic Policy Direction,' stating that it "welcomes measures to secure new growth engines."

In a commentary on the 28th, KCCI evaluated that the '2021 Second Half Economic Policy Direction' "maintains an expansionary fiscal stance to strengthen the economic recovery trend, increases investment incentives for national strategic technologies such as semiconductors and batteries, and supports the eco-friendly and digital transformation of manufacturing."

It added, "We hope that the second half economic policy direction will be implemented as actual policies to inject new vitality into domestic industries and markets," and "we hope for more active teamwork between the government and the business community in revitalizing ventures and startups in new industrial sectors and nurturing talent in future industries."

Earlier, the government designated three major fields?semiconductors, batteries, and vaccines?as important national strategic technologies from the perspective of national economic security and announced the '2021 Second Half Economic Policy Direction,' which significantly expands tax and financial support. To enhance support effectiveness, the scope of technologies is adjusted to include initial mass production facility investment target technologies. Key technologies for securing new industrial fields such as bio and achieving carbon neutrality are additionally included as targets for tax credits on research and development of new growth and original technologies.

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