8 out of 10 Citizens Say "Fostering Advanced Industries Is Economic Security"

KCCI Survey of 1,016 Citizens
"National Assembly and Government Must Make Progressive Decisions on a Broad Scale"

Eight out of ten citizens perceive the development of advanced industries such as semiconductors, electric vehicles, and batteries as an economic security-level issue.

The Korea Chamber of Commerce and Industry recently conducted a survey on ‘Public Perception of Advanced Industries’ with 1,016 citizens. This is the first time that public perception of advanced industries has been surveyed and announced, rather than that of the government, companies, or experts.

According to the survey results, 79.1% of the public responded that the competition to secure leadership in advanced industries is an economic security-level issue that will determine the nation’s future and fate. Only 3.5% answered that it is not an economic security-level issue.

Public Perception of Advanced Industries
Photo by Korea Chamber of Commerce and Industry

There was also a call for the government’s advanced industry development policies to be bolder than those of major countries. When asked about the level of government support and development policies compared to major countries that support advanced industries through subsidies and tax credits, 9 out of 10 people (91.6%) responded that support at or above the level of major countries is necessary. Specifically, the responses were ‘slightly more’ (35.6%), ‘at the level of major countries’ (28.2%), ‘significantly more’ (27.8%), ‘slightly less’ (7.5%), and ‘significantly less’ (0.9%) in that order.

The Korea Chamber of Commerce and Industry explained, “To secure global competitiveness in advanced industries such as semiconductors and batteries, large-scale investments worth trillions of won must be continuously made every year, but the reality is that investment itself is difficult due to worsening financial conditions and funding environments.”

It added, “If companies feel that the support policies of competing countries are more attractive, domestic investment is likely to shrink relatively. Therefore, we hope the government will consider bolder support measures such as establishing new subsidies or expanding policy financing operations.”

Public Awareness on the Need to Expand Support for Advanced Industries
[Image Source=KCCI]

Regarding the need to expand government-level support for advanced industries, 6 out of 10 citizens (59%) agreed. Among respondents, 41.3% said, ‘Support expansion is necessary even if it means enduring controversy over support for large corporations.’

Following that, 24.2% answered, ‘I do not agree with the criticism of supporting large corporations, but government support expansion should be cautious,’ 17.7% said, ‘I do not agree with the criticism of supporting large corporations and believe support must be expanded,’ and 16.8% responded, ‘Since support is limited to a few large corporations, government-level support expansion should be cautious.’

Woo Tae-hee, Executive Vice Chairman of the Korea Chamber of Commerce and Industry, said, “We confirmed that a significant portion of the public seriously recognizes advanced industry issues as an ‘economic security’ issue directly linked to the nation’s economic future,” adding, “We hope the National Assembly and government will listen to the voices of the people and make progressive decisions within the broader framework of national economy and industrial development, rather than engaging in futile debates.”

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