Choo Kyung-ho: "2.2 Trillion Investment in Advanced Industry Cluster... CVC Equity Increased to 50%"

Emergency Economic Ministers' Meeting and Export Investment Measures Meeting
Promotion of Process Innovation in 5,000 Small and Medium Manufacturing Enterprises
Tax Credit Benefits for Core Technologies in Biopharmaceuticals

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho announced on the 18th that "we will concentrate an investment of 2.2 trillion won over the next five years in the development of national advanced strategic industry specialized complexes, advanced medical complex districts, research and development special zone infrastructure, and support for startups and R&D within clusters."

On the same day, Deputy Prime Minister Choo presided over the Emergency Economic Ministers' Meeting and Export Investment Measures Meeting at the Government Seoul Office, stating, "We will accelerate the fostering of advanced industry global clusters to strengthen the competitiveness of our industries and create future growth engines."

He added, "We will promptly revise related laws within this year to allow business support service companies such as legal, accounting, and venture capital firms to move into cluster industrial facility zones," and explained, "To revitalize private investment, we will increase the external investment ratio of corporate venture capital (CVC) held by general holding companies from the current 40% to 50%, and expand the allowable ratio for overseas investment from 20% to 30%." Support for foreign-invested companies in advanced technology sectors will also be expanded from 50 billion won to 200 billion won.

Tax credit benefits for fostering the bio industry will be strengthened. Deputy Prime Minister Choo stated, "We have added eight core technologies related to biopharmaceuticals to the scope of national strategic technologies under the Restriction of Special Taxation Act, enabling tax credits for investments made from the second half of this year," and emphasized, "We will support the 'Boston-Korea Project' with 86.4 billion won next year to actively promote collaborative projects such as innovative technology development and training of physician-scientists."

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is delivering opening remarks while presiding over the 'Emergency Economic Ministers' Meeting and Export Investment Measures Meeting' held at the Government Seoul Office in Jongno-gu, Seoul on the 18th.

Regarding small and medium manufacturing enterprises, he explained, "We will support manufacturing process innovation using digital technologies for 1,100 companies next year and 5,000 companies by 2027," adding, "We will establish more advanced production facilities such as autonomous factories utilizing artificial intelligence technology and digital collaborative factories connecting multiple factories."

The satellite communication activation strategy was also specified. This is an essential area for the utilization of urban air mobility (UAM), autonomous ships, and more. Deputy Prime Minister Choo said, "We will strengthen R&D support for core satellite communication technologies and develop the multi-functional communication satellite 'Chollian 3' by 2027," and added, "We will secure key personnel by increasing university research centers training master's and doctoral level experts from the current four to twelve."

Regarding the promotion plan for 'Edutech' utilizing digital technology, he said, "We will build a system to support the search and purchase of Edutech products so that Edutech can be actively used in schools, and actively support domestic Edutech companies in resolving export difficulties and opening sales channels."

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