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3 years ago

Strengthening local parts, materials industry foundational for Korean economy's next 100 years: Pres. Moon

Arirang News
Arirang News
문 대통령 "소재•부품산업 강화는 한국경제 100년 기틀 세우는 일"

President Moon Jae-in has again called for the strengthening of the country's parts and materials industry,... which he says is crucial to the Korean economy.
His claims came during an on-site Cabinet meeting, held at a government-funded research institute that focuses on localizing technologies.
Park Hee-jun has the details.
President Moon Jae-in has reaffirmed his government's determination to strengthen South Korea's competitiveness in parts and materials.
According to the president, in a Cabinet meeting Tuesday, the next century of the Korean economy depends on it.
"Strengthening our competitiveness in parts and materials is a strategic task for us to become a economic powerhouse. Beyond the issue of Korea-Japan relations, it creates a framework for the Korean economy for the next 100 years."
President Moon says strengthening the industry, especially through localization,... will allow Korea to rebound as a manufacturing powerhouse.
And because the producers of industrial materials are mostly smaller companies,... nurturing the industry will mean nurturing those firms.
The president explained that it will lead to more collaboration between companies large and small.
He added that it could help respond to the growing uncertainties in the global economy and rising trade protectionism.
The Cabinet also approved the launch of a presidential committee on enhancing local competitiveness in those sectors,... as a response to Japan's trade restrictions.
President Moon says it will lead efforts to support relevant firms and policies.
He also vowed to double government funding for related R&D next year.
For that, Seoul's trade ministry reported to the president that it will inject around 183 million U.S. dollars into the supplementary budget.
Instead of gathering at the Blue House as usual,... the Cabinet met at the Korea Institute of Science and Technology in Seongbuk-gu, northeastern Seoul.
The institute has been spearheading the localization of technology producing miraculous developments, according to Moon,... in steel, shipbuilding, semiconductors, and cars.
The President inspected its progress in localizing parts and materials technology.
"Are Japanese parts and materials absolutely required in this process?"
"These three pieces of equipment are from France and the U.S. We don't need to import materials for this."
Later in the day, President Moon made a surprise visit to a one-stop service center at the Korea Chamber of Commerce and Industry,... which helps Korean firms in their difficulties getting supplies of key parts and materials due to Japan's export curbs. The president asked that the center continue to swiftly assist the companies in resolving their problems.
Park Hee-jun, Arirang News.

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