Lee Chang-yang "Expanding Core Strategic Technologies in Materials, Parts, and Equipment from 150 to 200... Adding Space, Defense, and Hydrogen"

'11th Sobujang Competitiveness Enhancement Committee'
"Expanding Sobujang Exports Using IRA, CRMA"
"Strategic Use of Korea-Japan Cooperation... Global Expansion"

Lee Chang-yang, Minister of Trade, Industry and Energy, announced on the 18th that new fields with significant upstream and downstream ripple effects, such as space, defense, and hydrogen, will be added to the core strategic technologies of materials, parts, and equipment.

Minister Lee stated this during his opening remarks at the '11th Materials, Parts, and Equipment Competitiveness Enhancement Committee' held at the Government Seoul Office in the afternoon, saying that the number of core strategic technologies for materials, parts, and equipment will be significantly expanded from 150 to 200 to globalize the materials, parts, and equipment industry.

Minister Lee said, “Our materials, parts, and equipment industry has passed two turning points: the enactment of the Special Act on Parts and Materials in 2001 and the response to Japan’s export regulations in 2019. Now, we are facing a third turning point with the global supply chain restructuring and economic security competition,” adding, “We must actively utilize the ‘reshuffling’ of the global supply chain as an opportunity for the global advancement of our materials, parts, and equipment industry based on the capabilities and technological prowess accumulated so far.”

He also mentioned plans to extend the special account for materials, parts, and equipment, which is set to expire in 2024, and to establish the 'Industrial Supply Chain 3050 Strategy.' He pledged to lead technological development through initiatives such as the ‘Materials, Parts, and Equipment Alchemist Project’ and the expansion of the research and development (R&D) network.

Furthermore, he said, “We will develop our materials, parts, and equipment clusters into innovation hubs within the global supply chain,” announcing the designation of new specialized complexes for advanced strategic industries such as semiconductors in June, and additional specialized complexes for materials, parts, and equipment in July. He also promised comprehensive support throughout the corporate growth cycle, including long-term R&D exceeding seven years, long-term dispatch of research personnel from government-funded research institutes, collaboration with world-class research institutions such as IMEC, and substantial investment in the materials, parts, and equipment fund.

To support exports, he stated, “We will strategically utilize the Inflation Reduction Act (IRA) in the U.S., the Critical Raw Materials Act (CRMA) in the EU, and other measures to expand exports of advanced materials, parts, and equipment such as battery materials and eco-friendly vehicle parts.” He emphasized expanding export support to ASEAN countries including Vietnam and supporting exports of related materials, parts, and equipment in sectors such as automobiles, displays, and electronics. He also mentioned plans to create new demand linked with ODA and other initiatives.

He also referred to Korea-Japan cooperation. Minister Lee said, “We will strategically utilize the Korea-Japan cooperation, which is being restored following the Korea-Japan summit in March, for the globalization of our materials, parts, and equipment industry,” adding, “We will support cooperation between demand and supply companies of both countries and joint entry into third countries so that companies from both countries can achieve mutual win-win outcomes amid the global supply chain restructuring.”

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