Lee Chang-yang, Minister of Industry, "Utilize Nuclear Power to Address Climate Crisis... Proactively Foster New Industries"

March 29 National Assembly Standing Committee Work Report
Resolving Corporate Regulations and Investment Incentives

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy is attending the government questioning session on economic affairs held at the National Assembly on the 26th, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

[Asia Economy Sejong=Reporter Dongwoo Lee] Lee Chang-yang, Minister of Trade, Industry and Energy, said on the 29th, "We will actively utilize nuclear power plants to strengthen energy security and respond to the climate crisis."

At the briefing to the National Assembly's Industry, Trade, Small and Medium Enterprises Committee on the same day, Minister Lee stated, "We will promptly restore the ecosystem of the nuclear power industry through nuclear power plant exports and early supply of work, and proactively foster new industries in areas such as hydrogen and renewable energy."

He added, "We will improve the high energy consumption and low-efficiency system through energy demand efficiency and rationalize the electricity market based on market principles."

Minister Lee emphasized the necessity of a major industrial transformation considering the difficult domestic and international conditions. He said, "Considering the domestic and international conditions, it is time for an 'industrial transformation' to continuously create future growth engines centered on advanced industries and innovate key industries into high value-added industries," adding, "We will take the lead in realizing the industrial transformation by mobilizing all policy measures in the industrial, trade, and energy sectors."

He promised, "We will fully support the revitalization of private investment by promptly resolving regulations that hinder corporate investment and actively support incentives such as tax benefits and location advantages centered on corporate investment projects," and "We will enhance the national innovation system, focusing R&D (technology development) and talent cultivation investments on areas with market ripple effects but high private burdens, and actively support the development of regionally specialized industries."

Furthermore, he added, "For future advanced industries such as semiconductors, we will expand support to the level of competing countries to secure market leadership, and for key industries such as automobiles and shipbuilding, we will support proactive business transformation as 'fast movers' in the green and digital transformation."

In the trade sector, a trade strategy will be promoted as the vanguard of industry to support strengthening corporate global competitiveness and securing leadership in advanced industries.

Minister Lee explained, "We will strengthen short-term supply chain management capabilities such as early warning systems and proactively respond to structural supply chain reorganization including raw materials and technology," "lead the establishment of new trade norms in the Indo-Pacific region through the Indo-Pacific Economic Framework (IPEF), and further intensify efforts to attract the '2030 Busan World Expo.'"

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