Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy (MOTIE) (Photos: MOTIE)

The government is pulling out all the stops to raise exports by 8.6 percent this year over the previous year, which would make Korea a top-four export power. Korea aims to leverage its expertise in the hydrogen car and secondary battery segments while expanding bio exports.

The Ministry of Trade, Industry and Energy (MOTIE) announced its business plan for the year 2021 on Feb. 17, calling for 8.6 percent export growth and a 1 trillion won in trade, plus a trade surplus for the 13th straight year in a row.

To this end, MOTIE decided to supply 167 trillion won in trade financing, release trade insurance products tailored for each industry’s needs, and allow traders to sign up for trade insurance policies upon reporting exports.

The ministry expects the semiconductor sector to surge this year, while seeing mainstay products such as automobiles and refinery exports recover.

New industries, such as bio and secondary batteries, should maintain stable growth this year.

MOTIE Vice Minister Park Jin-gyu announces his ministry’s 2021 business plan at Sejong Government Complex on Feb. 17.

According to the outlook for each industry, automobiles are predicted to jump 15.2 percent; refinery exports, 17.6 percent; bio products, 24.6 percent; and secondary battery products, 4.2 percent.

The ministry enumerated key policy tasks, such as a shift to export growth, spearheading the Korean New Deal, carbon neutrality & energy innovation, and a global alliance and cooperation on top of becoming an advanced industry power.

MOTIE Vice Minister Park Jin-gyu said the goal of becoming an industrial power capable of leading the global economy. He added that his ministry plans to implement major tasks in a “way a quick recovery, a vigorous leap and a strong alliance are made.”

The ministry, designating carbon neutrality and digital transformation as the two policy pillars, will implement the “Manufacturing Renaissance 2.0” initiative with the goal of becoming a global top-4 manufacturing power.

A joint government-civilian carbon neutrality committee will be formed based on industries such as steel, petrochemical and energy, to push ahead with decarbonization innovation.

Korea will invest 1 trillion won to develop a technology related to carbon-free, self-driving ships, while the steel-making industry, the sector of emitting the most greenhouse gases, will seek to develop decarbonization technologies.

The government will accelerate efforts to explore a “second semiconductor legend.” It will focus on strengthening the competition of the cabless ecosystem to nurture the system semiconductor industry.

A project to build the nation’s largest semiconductor cluster will be launched in the fourth quarter of the year as part of the nation’s scheme to build so-called “K-semiconductor belt.”

The government will support design infrastructure in Yongin in the third quarter while making a feasibility study to build an advanced packing infrastructure in Chungcheongbuk-do.

The number of Hydrogen charging stations will increase from current 73 to 180 by year-end. Twenty-one charging stations for commercial vehicles will be built this year.

The ministry plans to expand bio production capacity and accelerate efforts to local raw materials, parts and equipment sectors. Vaccine verification support center lines will be expanded more than three times while 16 core technologies related to filters and culture media will be localized.