Hong Nam-ki "2 Years of SoBuJang... A Vaccine to Strengthen Economic Immunity"

"Materials, Parts, and Equipment Industry Aims to Become a 'Core Industry in the Global Supply Chain'"

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki evaluated on the 4th that "the achievements of two years in materials, parts, and equipment (So-Bu-Jang) have become a 'vaccine' that strengthened the immunity of our economy in response to the global supply chain restructuring accelerated after the COVID-19 crisis."

On the same day, marking two years since the policy to strengthen the competitiveness of our So-Bu-Jang industry in response to Japan's export restrictions was implemented, Deputy Prime Minister Hong posted a message with this content on his social networking service (SNS).

Hong emphasized, "The direct trigger for the So-Bu-Jang policy was Japan's export restrictions two years ago, but as a result, we have prepared two years ahead for global supply chain issues that have become more prominent recently after COVID-19, including the US-China semiconductor competition and secondary battery competition."

He said, "I believe the 'report card' of our So-Bu-Jang self-reliance has been remarkable in a short period," adding, "The dependence on Japan for key So-Bu-Jang items has significantly decreased. The So-Bu-Jang industrial ecosystem has become stronger, and win-win cooperation has taken root."

He further stated, "The So-Bu-Jang industry should evolve further and aim to leap beyond the perspective of merely responding to Japan's export restrictions to become a core industry in the global supply chain."

He explained, "Along with new growth engines such as semiconductors, batteries, and future cars, we will select and focus on nurturing 65 future-leading items in major and new industries. We will significantly expand research and development (R&D) investment and strengthen a robust growth ladder connecting So-Bu-Jang startups, small and strong enterprises, and top companies."

He added, "We intend to develop five So-Bu-Jang specialized complexes designated this year in Yongin, Cheonan, Cheongju, Jeonju, and Changwon as core clusters to enhance So-Bu-Jang competitiveness."

Deputy Prime Minister Hong said, "On this day next year, marking three years since Japan's export restrictions, and even ten years from now, when we look back, the government will do its best to receive the evaluation that 'it was truly fortunate that we took action back then.'"

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