Lee Chang-yang, Minister of Industry, "All-in on Regulatory Reform to Revitalize Private Investment"

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy is giving a lecture on "The Direction of the New Government's Industrial Policy" at the Korea Chamber of Commerce and Industry Jeju Forum held on the 15th at the Grand Ballroom of the Haevichi Hotel in Seogwipo, Jeju.

[Asia Economy Sejong=Reporter Dongwoo Lee] Lee Chang-yang, Minister of Trade, Industry and Energy, stated on the 15th, "We will go all out to reform regulations to revitalize private investment."

Minister Lee, who appeared as the final speaker on the third day of the '45th Korea Chamber of Commerce and Industry Jeju Forum' held in Jeju, said, "Investment has the effect of hitting four birds with one stone: rapid economic revitalization, job creation, acquisition of new technologies embodied in facilities, and overcoming high costs through productivity improvement."

Regarding the outlook for our economy, he predicted, "The potential growth rate will fall to the zero percent range after 2030 due to a decline in the working-age population, investment, and productivity growth rate, which are key factors determining economic growth."

As alternatives to address this, Minister Lee presented revitalization of private investment, support for technological innovation and talent development, innovation of corporate support systems, and fostering of advanced industries. He added, "The Ministry of Trade, Industry and Energy will discover and resolve corporate investment projects hindered by regulations to promote private investment, and in cooperation with related ministries, will rationally improve labor and environmental regulations, which are more rigid than those of major countries, to modernize the corporate investment environment."

Minister Lee also announced, "With the enforcement of the Special Act on National Advanced Strategic Industries on August 4, core technologies of advanced industries such as semiconductors and displays will be designated as national advanced strategic technologies to expand tax support and provide incentives such as electricity and water supply. We plan to prioritize the establishment of advanced industry specialized complexes as national industrial complexes."

He further explained, "To advance the innovation system, we will focus investment on challenging and goal-oriented research and development (R&D), establish a 'Pan-Ministerial Industrial Technology Innovation Alliance' to link R&D and commercialization means across ministries, and designate advanced specialized universities to nurture 140,000 industry-specific professionals."

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