The Ministry of Trade, Industry and Energy (MOTIE) held an inaugural session of a government-private sector consultation committee in Seoul on April 11. It will take stock of the current situation in Korea’s mainstay industries and prepare for the development of Korea’s new industries.
“Civilian experts from several walks of life need to lead in looking at new trends of future industries and explore new industry opportunities to suggest their direction to the government and companies,” MOTIE Minister Joo Hyung-hwan said at the meeting held at the Belle-Essence Seoul Hotel.
Minister Joo said, “Fundamentally, the private sector, which is well aware of future breadwinners, should spearhead investments, and the government will push ahead with dramatic regulatory reform, full-scale support and help in establishing convergence alliances among companies.”
His remarks are a call for businesses to discover new breadwinners and alternative exports, as well as the government to implement diverse steps to support the Korean exporting industry, such as “exporting caravans” at industrial complexes to boost the dynamics of the exporting industry.
The ministry inaugurated the government-private sector consultation committee for the development of new industries at a time when the nation’s mainstay industries remain stagnant and the global industry paradigm is shifting towards a fourth industrial revolution.
The joint committee, headed by Chairman Park Yong-maan of the Korea Chamber of Commerce and Industry (KCCI), is manned by 33 representatives from several walks of life, including in industry and technology fields. The committee will discuss the direction of Korea’s industries in the next five to 10 years.
Among the committee members are President Kim Joon-kyung of the Korea Development Institute (KDI); President Lee Sung-yong of Bain & Company Korea; President Han Sang-won of Han & Company; President Kim Sang-hyun of Naver; President Lee Chul-hee of Seoul National University Bundang Hospital; and President Shim Sang-bae of AmorePacific.
Also sitting in the committee are President Cho Kwang-rae of the Korea Aerospace Research Center (KARI); President Kim Young-min of SM Entertainment; Vice Chairman Kwon Oh-hyun of Samsung Electronics; Vice Chairman Kwon Moon-shik of Hyundai Motor; Vice Chairman Lym Hyung-gyu of SK Telecom/Hynix; Vice Chairman Park Jin-soo of LG Chem; and Chairman Chung Joon of Korea Venture Business Association.
KCCI Chairman Park said, “The world is now engaged in a fierce competition to nurture new industries and occupy new markets in advance.” To this end, he called for companies to explore new technologies and new markets through creation and innovation, and he also urged the government to aggressively reform unnecessary regulations to ramp up core capabilities.
Boston Consulting Group (BCG) analyzed the waves of the so-called Fourth Industrial Revolution and its implications for the Korean economy. BCG said a focus needs to be on the impact of the combination of base elements for the 4th Industrial Revolution rather than the elements.
Bain & Company stressed innovation and changes from the bottom, not from the upper, to cope with rapidly changing society and nurture new industries.
KDI President Kim proposed that the government hurriedly come up with the direction of policies to combine the manufacturing and service industries, recover growth momentum, and create value-added jobs.
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Minister of Trade, Industry and Energy Joo Hyung-hwan, KCCI Chairman Park Yong-maan, who heads the government-private sector consultation committee for the development of new industries, and other representatives sitting on the committee pose for a group photo at the inaugural meeting of the committee at Belle-Essence Seoul Hotel on April 11. (Photos: MOTIE)
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