Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
Industry minister vows to strengthen supply chain in core industries
Minister of Trade, Industry and Energy Moon Sung-wook speaks during a press conference at the ministry's headquarters in Sejong, Tuesday. Courtesy of Ministry of Trade, Industry and Energy
By Baek Byung-yeul
By Baek Byung-yeul
Industry Minister Moon Sung-wook said Tuesday that the Moon Jae-in administration will keep working to strengthen supply chain capabilities for core industry sectors such as semiconductors, electric vehicle (EV) batteries and biotechnology, to help local companies continue to lead in their business fields.
The minister added the government is set to announce specific guideline to help domestic firms, regardless of size, better achieve carbon neutrality, which has emerged as one of the most important goals in the global energy sector.
Moon was appointed as a new industry minister May 6, and given that President Moon's remaining term is less than a year, he is set to become the last industry minister under the current administration. So the minister emphasized his role is to help the administration finish on top with fruitful results in the industry sector and to establish a future strategy for the following administration.
“I think it's my role to finish well so that the Moon Jae-in administration can achieve good results. In addition, I think it is also my job to prepare for the future and lay the groundwork for our companies to be able to boost the economy,” he said during a press conference at the ministry's headquarters in Sejong.
Speaking of what he aims to achieve during his term, Moon first cited the goal of strengthening supply chains for strategic industries.
“In the semiconductor, battery, biotechnology and energy sectors, we are required to widen the gap in areas where we have already secured competitiveness and try to improve competence in areas where we are still behind in order to overtake our competitors,” he said.
As part of the government's efforts, the industry ministry jointly announced a so-called “K-semiconductor” strategy last month, which is to establish the world's largest semiconductor supply chain here by 2030. To achieve this auspicious goal, the government said it will provide huge tax incentives to companies constructing semiconductor facilities, after chip manufacturers vowed to invest more than 510 trillion won ($457 billion) by the target year.
“After we announced the K-semiconductor strategy last month, we are slated to announce the K-battery strategy in July. For the core industry sectors, our focus is on how to foster talented people to get them to help the country take the lead in their industrial sectors,” Moon said.
Minister of Trade, Industry and Energy Moon Sung-wook speaks during a press conference at the ministry's headquarters in Sejong, Tuesday. Courtesy of Ministry of Trade, Industry and Energy
The industry minister added he will put his focus on laying the foundation for the country's pledge to reach net-zero emissions by 2050. President Moon Jae-in revealed this plan last October, saying the country will seek to reduce greenhouse gas emissions to zero by the target year.
“The time given to us is not 30 years, but sooner than that. By doing so, we will be able to achieve the 2050 carbon neutrality goal. Companies agree with the goal, but they have expressed worries about how to achieve it. So, the ministry has formed a committee to help each industrial sector carry out their carbon neutrality goal,” he said, adding that the government is also pushing forward to enact a law that benefits companies making efforts to reduce their carbon footprint.