[2022 National Audit] Lee Chang-yang, Minister of Industry, "Accelerating Industrial Transformation... Conveyed Opposition to IRA Discrimination in the US"

Ministry of Trade, Industry and Energy National Audit Conducted

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy is speaking at the meeting of presidents of the top 10 groups to respond to the global energy crisis held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul on the 26th. Photo by Moon Ho-nam munonam@

[Asia Economy Sejong=Reporter Dongwoo Lee] Lee Chang-yang, Minister of Trade, Industry and Energy, stated on the 4th, "We will support corporate growth and the advancement of industrial structure through trade and commerce policies based on national interest and practicality."

In his opening remarks at the National Assembly's Trade, Industry, Energy, Small and Medium Business Committee's audit of the Ministry of Trade, Industry and Energy on the morning of the same day, Minister Lee said, "We will accelerate the industrial transformation through a growth-oriented industrial strategy."

Minister Lee explained, "We have been steadily implementing industrial policies focusing on supporting private-led growth in the industrial sector," adding, "In terms of trade and commerce, we have concentrated on resolving pressing issues such as the U.S. Inflation Reduction Act (IRA) and the continued trade deficit."

He further emphasized, "During my recent visit to the U.S., I met with the Secretary of Commerce and members of Congress to strongly convey our opposition to discrimination against Korean companies, which resulted in significant consensus from the U.S. side." Previously, the U.S. had stipulated under the IRA that subsidies would only be provided for electric vehicles produced in North America, raising issues of discrimination against electric vehicles from countries such as Korea and Japan.

Regarding energy security and energy policy, Minister Lee stated, "We will rationalize energy demand and the electricity market through the introduction of cost-linked pricing systems, swiftly restore the nuclear power ecosystem, consolidate public-private capabilities for nuclear power exports, and strengthen the export competitiveness of nuclear power through the development of Small Modular Reactor (SMR) technology."

He continued, "We will also not neglect efforts to foster future new industries by establishing a hydrogen industrial ecosystem, which currently has a weak foundation, and revitalizing new power industries such as next-generation Energy Storage Systems (ESS)."

Minister Lee also said, "For investment projects with confirmed regulatory improvement directions, we will support rapid investment implementation through tax benefits and site selection, and continue to discover new projects," adding, "We will actively engage in nurturing talent and securing technological standards so that disruptive and challenging private R&D leads to actual business outcomes and market competitiveness."

Regarding six consecutive months of trade deficits, he stated, "We are steadily implementing the export competitiveness enhancement strategy announced last August to improve the difficult trade balance situation."

In conclusion, Minister Lee said, "We will fully activate the export support system to manage export risks and resolve corporate difficulties with extraordinary determination to improve the trade balance," and added, "The government and the private sector will become a 'Korea One Team' and do our best to secure the Busan Expo."

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