New Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy (MOTIE) revealed a plan to redesign energy policies. As he took office on May 13, he made clear the plan to retract the previous government’s policy of weaning the nation off nuclear power.
Minister Lee said, “The Russian-Ukraine conflict has served as an opportunity to reconfirm the importance of energy security, and subsequently, the roles of nuclear power have been reexamined globally.”
“(The government) will prepare to achieve a stable energy supply based on a power grid mix of harmonizing nuclear power and renewable energies and nationally determined contributions (NDCs) of reducing greenhouse gas emissions,” Lee added.
New Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy.
Minister Lee said the government will pursue growth-oriented industry policies, promising to overcome a low-growth trend by raising the efficiency of the whole of the national economy and industry competitiveness.
Minister Lee said the government will raise competitiveness, ramp up support for corporate R&D and facility investments, promote effectual regulatory reform to spur growth, and focus on support for industries related to manufacturing.
Lee stressed the importance of strengthening trade policies designed to ramp up industry competitiveness.
“The government will expand digital and service industry territory by aggressively coping with new trade environment conditions such as digital and service trade while making efforts to stabilize supply chains and technology trade,” he said.
The following is the gist of the speech Minister Lee delivered as he took office at Sejong Government Complex.
As you know, external and internal economic conditions are very stark. We’re facing with new challenges we have never experienced before, and the so-called three highs: high interest rate, high prices and high foreign currency rates are under way, U.S.-China technology hegemony, and Russia-Ukraine war have unsettled global supply chains and heightened energy security warnings.
Internally, amid the fixing of a low growth trend, coupled with continuity of declining potential growth, the dynamics and growth of our industry have been weakening.
Given these internal and external conditions, efforts should be made to overcome low growth trends by raising the efficiency of the whole of the economy, as well as industrial competitiveness to create good jobs.
We need approaches and efforts different from what has so far been done to translate huge challenges before us into opportunities.
First of all, the burden of our companies, leaders of industry development and economic growth, should be lowered on top of raising their vigor.
Strengthening industrial competitiveness and economic growth cannot happen without the private sector’s dynamic and leading role.
To this end, MOTIE will review all policy areas, departing from its familiar policies and explore new approaches and methods.
First, we have to pursue growth-oriented industry strategies. Support for corporate R&D investments and facility investments will be strengthened and growth of the conventional industries and creation of new industries will be spurred.
Exploration of service industries related to manufacturing and policy efforts to raise competitiveness will be made.
Second, an industry technology R&D regime will shift into a purpose-oriented, outcome-based one.
Third, energy policies will be redesigned in a scientific perspective so that energy security can be strengthened and carbon neutrality can be realized.
The Russia-Ukraine war has served as an opportunity to reconfirm the importance of energy security, and subsequently, roles of nuclear power have been reexamined globally.
(The government) will prepare for achieving a stable energy supply based on “a power grid mix” of harmonizing nuclear power and renewable energies and nationally determined contributions (NDCs) of reducing greenhouse gas emissions.
Finally, trade policies will be strengthened to ramp up industrial competitiveness.
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