People Power Party Establishes Semiconductor Industry Support Special Committee... Also Launches Price Stabilization Special Committee

Yoon's Statement Followed by Support in Two Days
Price Stabilization Special Committee Amid High Inflation, Chairman Ryu Seong-geol

[Image source=Yonhap News]

The People Power Party is establishing a Special Committee on Semiconductor Industry Support within the party to support the semiconductor industry and eliminate regulations. This move comes just two days after President Yoon Suk-yeol held a "Semiconductor Special Lecture" at a recent Cabinet meeting and instructed heads of non-economic ministries to study semiconductors. On the 14th, the party will also organize a semiconductor special lecture at the party level.

On the 9th, Seong Il-jong, the Policy Committee Chairman of the People Power Party, announced the plan to establish the special committee at the Supreme Council meeting in the National Assembly, stating, "We share the vision of building the future paradigm of the Yoon Suk-yeol administration and will actively support measures to back advanced industries such as semiconductors, which are future growth engines."

According to the plan, the special committee will address issues related to improving conditions for semiconductor factory locations. This includes exploring ways to ensure stable supply of water and electricity, and supporting environmental facilities such as fine dust reduction systems. They will also devise methods to provide incentives for investments in semiconductor facilities and research and development. Additionally, support measures for non-memory semiconductors and the materials, parts, and equipment (SoBuJang) industry will be prepared, and legislative tasks such as increasing enrollment quotas for semiconductor-related departments to alleviate the chronic manpower shortage in the semiconductor industry are expected to be discussed.

Regarding this, Chairman Seong said, "Semiconductors are core components in the era of the 4th Industrial Revolution, including autonomous driving and AI (artificial intelligence), and long-term support measures are necessary. The special committee will seek ways to eliminate bulky regulations that hinder the development of the 4th Industrial Revolution, including semiconductors."

The People Power Party will hold a party members' meeting on the 14th to attend the semiconductor special lecture. The lecturer will be Lee Jong-ho, Minister of Science and ICT, who gave the lecture at the recent Cabinet meeting.

Meanwhile, the People Power Party will also establish a Special Committee on Price Stability and Livelihood Stability to prepare for prolonged high inflation. Since the new government is prioritizing price stabilization as a top agenda, the ruling party aims to provide legislative support. Ryu Seong-geol, appointed as the chairman of the special committee, explained in an interview, "The government is very interested in stabilizing prices and is preparing related measures, and the ruling party must work together." They plan to provide legislative support to stabilize prices related to livelihoods, such as food and fuel prices.

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