"Need to Revitalize Overseas Resource Development" ... Policy Forum Held at the National Assembly

Lee Cheol-gyu and Han Mu-gyeong, People Power Party lawmakers, to hold policy forum on overseas resource development activation at National Assembly on 9th
Kwon Seong-dong, People Power Party floor leader, "Must endure long hours and judge calmly"

Han Mu-kyung, Member of the People Power Party / Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kum Boryeong] The need to revitalize overseas resource development was raised in the National Assembly.

On the afternoon of the 9th, Lee Cheol-gyu and Han Mu-gyeong, members of the People Power Party, held a "Policy Forum on Revitalizing Overseas Resource Development to Strengthen Resource Security" at the National Assembly in collaboration with the Overseas Resource Development Association.

At the event, Kwon Seong-dong, the floor leader of the People Power Party, said in his congratulatory remarks, "Overseas resource development is a project that must be based on science and technology, requiring investment and long-term patience," adding, "It is necessary to endure for a long time and make decisions calmly based solely on business logic."

He continued, "What industry can we develop without resources? In a country where not a single drop of oil is produced, it is not too late to pursue resource development even now. We need to approach this more rationally and invest accordingly," he added.

Sung Il-jong, chairman of the Policy Committee, also emphasized, "Overseas resource development is precisely a task for experts to invest long-term, looking 10 to 20 years ahead, and to prepare for the nation's future."

Representative Han also stated, "Without resources, there is no future industry for us," and added, "Especially for our economy, ranked in the top 10 worldwide, stable securing of resources is essential for further advancement."

Professor Shin Hyun-don of the Department of Energy and Resources Engineering at Inha University, who appeared as a panelist, mentioned the "need for a long-term approach." Professor Shin said, "To promote proper overseas resource development projects for stable national energy resource acquisition, it is necessary to secure technology to overcome the inherent uncertainties and high risks of the projects, to simultaneously pursue multiple projects, and to ensure the enlargement of project companies that can survive even if some projects fail, as well as a long-term approach to project promotion."

As a prerequisite for successful overseas resource development, Professor Shin also pointed out the "securing of independence for resource public enterprises." He stated, "If the project promotion is influenced by an invisible external hand, it is impossible to pursue the project long-term, and it is essential to establish a system that can be independent from politics and administration, which tend to be obsessed with short-term results and easily tempted."

Attendees at the forum included Kim Yeon-gyu, director of the Energy Governance Center at Hanyang University; Choi Jong-geun, professor of Energy and Resources Engineering at Seoul National University; Choi Seong-ung, vice president of Industry-Academic Cooperation at Kangwon National University; and Lee Sang-mu, executive director at LX International.

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