Minister Moon Sung-wook of the Ministry of Trade, Industry and Energy said, “The government will realize economic security by stabilizing the supply chain and implementing carbon neutrality for the growth of all through faster energy and industry transition.”
In his New Year’s message, MOTIE Minister Moon said, “MOTIE will make its utmost to help our economy fully tide over this crisis and make a strong leap forward.”
“The supply chain will be stabilized through systematic supply chain management and the nurturing of advanced industries, thus realizing economic securities,” Minister Moon said.
To prevent crises similar to that of the diesel exhaust fluid shortage, he said an inter-ministry response regime will be materialized, with departments in charge of industries and companies taking the lead.
Hotlines with overseas commercial embassy councilors and trade offices and core item importing companies will be built to look at unusual developments, both inside and outside in real time, and national countermeasures, such as diversifying imports and expanding stockpiles, will be taken to cope with the factors of the crisis, he said.
Minister Moon said the Korean industry will secure a global leadership by overcoming “technology and industry wars” surrounding semiconductor and batteries and the ministry will hold consultations with the National Assembly on the speedy registration of the Special Act on National Advanced Strategy Industries, he said.
Minister Moon also said carbon neutrality will be pursued through a speedy energy transition for the growth of all. The ministry will support companies’ eco-friendliness with the energy sector spearheading carbon neutrality, he added.
Systems such as standards for the proper distance for wind power farms and “wind power one-stop shop,” an integrated license and permission body, will be institutionalized, and ammonia, hydrogen, and other carbon-free power generation technologies and infrastructure will be expanded, he said.
The ministry plans to establish a plan to reinforce power girds, reflecting Korea’s national determined contribution (NDC) to reduce greenhouse gas emissions, in advance, Moon said. The government will share companies’ burden for investments by redoubling R&D spending on carbon neutrality and implementing projects to extend special loans.
The ministry plans to enact a special measure on industry transition for carbon neutrality, and supplement a carbon neutrality implementation regime by communicating with industries from a perspective of corporate growth, he said.
Lastly, Minister Moon said his ministry plans to ramp up trade strategies to create national wealth by raising industry competitiveness based on strong connection between industries and trade.
The ministry to make efforts to usher in an era of exporting $700 billion in cooperation with companies.
Minister Moon Sung-wook of the Ministry of Trade, Industry and Energy discusses ways of promoting cooperation in diverse areas during his meeting with Saudi Energy Minister Abdulazis bin Salman.
MOTIE Minister Moon Discusses Carbon Neutrality Cooperation with Saudi Counterpart
Trade, Industry and Energy Minister Moon Sung-wook discussed cooperation with Saudi Energy Minister Prince Abdulaziz bin Salman al-Saud, at Saudi Arabia’s Riyadh Chamber of Commerce and Industry, on Jan. 5.
The two ministers agreed to strengthen their conventional energy cooperation relationship and solidify cooperation on energy transition measures, such as the future of carbon neutrality among government and the private sector.
Minister Moon discussed the Korean government’s bid to win Saudi Arabia’s large-sized nuclear power project. The ministers shared the view that the two countries will expand their relationship in conventional energy to nuclear power and renewable energies.
Following the talks, Moon also held Korea-Saudi Energy policy talks in which Korean companies, including KHNP and H2KOREA, as well as Aramco, SABIC, and other Saudi firms participated. Participants discussed how the private sector can shift to a low-carbon economic regime.
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