[New Year's Address] Lee Chang-yang "Export Expansion and Investment Activation... Total Government Effort Concentration"

[Asia Economy Sejong=Reporter Dongwoo Lee] Lee Chang-yang, Minister of Trade, Industry and Energy, stated in his New Year's address on the 30th, "We will concentrate all government capabilities on expanding exports and revitalizing investment."

The minister emphasized, "While focusing on export markets in the Middle East, Latin America, and ASEAN, we will foster nuclear power, defense, and plants as new export industries." In particular, there is a policy to complete one nuclear power plant each year.

He also promised, "To promote corporate investment, we will support policy financing worth 81 trillion won and implement 11 industrial super-gap projects to maximize the results of research and development (R&D) investment."

A 'Permit Timeout System' will also be introduced, where permits are automatically processed after a certain period to ensure timely facility investment.

The minister added, "We will focus on creating national industrial complexes and infrastructure, as well as nurturing talent, so that advanced industries such as semiconductors, secondary batteries, and displays can secure super-gap competitiveness."

He also announced the goal of completing one nuclear power plant annually until 2025.

Minister Lee said, "We will commence construction on the sites for Shinhanul Units 3 and 4 and supply nuclear power plant orders worth 3.5 trillion won," adding, "Energy prices will be normalized gradually while strengthening support for vulnerable groups."

He explained that they will respond swiftly to trade issues including the U.S. Inflation Reduction Act (IRA) and the European Carbon Border Adjustment Mechanism (CBAM), and prepare an industrial transformation strategy to promote corporate productivity innovation and talent acquisition.

On the 30th, Lee Chang-yang, Minister of Trade, Industry and Energy, announced the plan to raise electricity rates for the next year at the Government Seoul Office. He stated that gas rates will be temporarily frozen. Photo by Heo Young-han younghan@

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