President Yoon Suk-yeol received a business briefing on the new government’s policies related to the Ministry of Trade, Industry and Energy (MOTIE) from MOTIE Minister Lee Chang-yang at the Presidential Office in Yongsan, Seoul, on July 12.
President Yoon instructed MOTIE Minister Lee to restore the ecosystem of the nuclear power industry as soon as possible and supply work at the earliest date.
President Yoon also ordered Minister Lee to ensure the stabilization of power supply during the summer season and build a raw materials, parts and equipment ecosystem of the nuclear power industry.
The government decided to channel 1.53 trillion won its budget by 2026 to nurture 140,000 professional human resources in the semiconductor and secondary battery sectors.
It decided to resume an environment impact evaluation of the Shin Hanul Nuclear Power Units 3 & 4, with the goal of its ground-breaking slated for 2024, a move designed to restore the ecosystem of the nuclear power industry. These are part of the business plan MOTIE Minister Lee briefed to President Yoon.
MOTIE plans to nurture 140,000 professionals by investing 1.53 trillion won between this year and 2026. That includes 39,000 professionals in new industries, 52,000 people in mainstay industries, 12,000 people in carbon neutrality sectors and 39,000 people in industry cooperation areas.
In particular, the ministry plans to prioritize nurture those with master’s degrees and doctorates in the semiconductor, secondary battery and future car sectors. To this end, MOTIE plans to establish an “industry brain center” by the middle of next year to implement the special act on the innovation of industry manpower.
The ministry plans to launch 10 mega projects to spur the innovation of new industries in the next five years. The designation and planning of the mega projects will be done by the “Mega Impact Project Committee,” a civilian body, to be formed by September.
MOTIE decided to restore a “corporate growth ladder” in which SMEs can growth into promising mid-size enterprises, which will be nurtured into global companies. The government plans to raise funds worth a combined 400 billion won to support the growth of SMEs by 2027 as part of efforts to implement the project.
Minster Lee reported on energy policies, including the expanding of nuclear power generation. The ministry decided to raise the portion of nuclear power in Korea’s power generation mix to 30 percent.
MOITE began to hold working-level negations on the resumption of an environment impact evaluation of the Shin Hanul Nuclear Power Units 3 & 4 with the Environment Ministry.
MOITE plans to supply work worth a combined 130 billion to cooperative companies in the nuclear power industry this year. The ministry decided to explore work worth an additional 40 billion won on top of the 92.5 billion won the ministry earlier promised to supply to the cooperative companies.
MOTIE Minister Lee made a solo presentation on the ministry’s business plan to President Yoon. Presidential Chief of Staff Kim Dae-ki and Presidential Chief Economic Secretary Choi Sang-mok were also present.
MSS to Implement Pilot Project to Index SMEs’ Delivery Product Prices with Raw Material Prices
In the afternoon of the same day, Minister Lee Young of the Ministry of SMEs and Startups (MSS) made a presentation on the ministry’s business plan to President Yoon.
Lee gave a briefing on the new government’s policies related to SMEs, venture companies, and small businesses & merchants.
MSS decided to implement a pilot project to index SMEs’ delivery product prices with raw material prices through gathering of opinions in the second half of the year.
The ministry decided to offer full support to Korean venture companies’ entry into global markets.
To this end, MSS plans to ramp up cooperation in Korean-American venture startups by holding the ”Global Venture-Startup Summit,” slated for September with big tech companies such as Google and Amazon in attendance.
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