Andeokgeun, Minister of Industry Nominee, "Will Create a 'Global Investment Hub' Through Comparative Advantages in Semiconductors and Batteries"

Opening Remarks at the Confirmation Hearing

Anduk Geun, nominee for Minister of Trade, Industry and Energy, is responding to lawmakers' questions at the confirmation hearing held at the National Assembly on the 3rd. Photo by Hyunmin Kim kimhyun81@

Candidate for Minister of Trade, Industry and Energy, Andeokgeun, stated on the 3rd, "We will transform South Korea into a 'global investment hub' attracting global companies by leveraging the value chains established across all manufacturing sectors, a major strength of our industry, and the comparative advantages of advanced industries such as semiconductors and batteries."

During his opening remarks at the confirmation hearing held by the National Assembly's Trade, Industry, Energy, Small and Medium Enterprises Committee, Candidate And said, "We will reform regulations that hinder investment such as location, environment, and labor, and focus on supporting incentives like finance and taxation."

He expressed concern that the conditions for our industry and exports remain challenging due to the economic slowdown in major countries and the spread of protectionism. He assessed that amid the rising importance of advanced industries from an economic security perspective, fundamental innovation in our industry is also required, focusing on supply chains, digital transformation, and climate change response.

Accordingly, he emphasized, "In the rapidly changing global political and economic environment, we must play a more proactive role so that our companies lead the global market based on organic linkage among 'industry-trade-energy' policies. We will actively utilize a broad trade network to pioneer new export markets and respond preemptively to trade measures from major countries such as the United States, China, and the European Union (EU)."

He also plans to strengthen South Korea’s position as a global industrial powerhouse centered on advanced industries. Candidate And stated, "We will expand the designation of national advanced strategic industries and secure overwhelming manufacturing capabilities with a decisive lead through timely supply of infrastructure such as tax, finance, electricity, and water, and swift licensing. Industry and academia will collaborate to nurture field-customized talent through specialized graduate schools and industry-specific academies, and we will actively attract global talent."

Regarding energy policy, he promised to prepare a basic power supply plan reflecting a rational and harmonious energy policy. He said, "We will cooperate with major countries worldwide to expand the use of carbon-free energy such as nuclear power, renewables, and hydrogen, support the creation of related industrial ecosystems, and grow energy new industries and export industries. We will also rapidly improve energy infrastructure and systems, including expanding power transmission networks and advancing electricity and gas market systems."

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