MOTIE Minister Calls for Expansion of Exports and Unmatched Advanced Industries

MOTIE Minister Bang Moon-kyu meets with Chairman Kim Ki-moon of the Korea Federation of SMEs (KBIZ) to listen to complaints and grievances SMEs experience as he visited KBIZ, the first economic organization to do so since he took office. (Photos: MOTIE)

Minister Bang Moon-kyu of the Ministry of Trade, Industry and Energy (MOTIE) said the government would do its utmost to expand exports.

In his written inaugural speech, released on Sept. 20, Minister Bang said, “Policy means will be reflected timely by listening to grievances and voices of the export sites.

“Export One Team Korea” will be in place to turn around a declining export trend.”

To this end, he promised that not only institutions of MOTIE, but also export-related ministries and support institutions, will mobilize all resources and capabilities.

Minster Bang stressed the expanding of the private sector’s investments to spur export momentum.

“Not only Korean companies’ investments in Korea and foreign firms’ investments will be aggressively attracted and restrictions, such as placement, and environment and labor will be dramatically done away with to introduce global manpower,” he said.

Minister Bang also emphasized unmatched strategies of advanced industries. Minister Bang said, “Overwhelming manufacturing capabilities of the Korean industry have to be nurtured by reviving the private sector’s creativity and ramping up global collaboration.”

He stressed the strengthening of support steps, such as unmatched technology development, the securing of Korean and foreign gifted manpower, supply of infrastructure, such as power and water, and tax and financing as well as advanced industry-oriented development of regions through state strategic industrial complexes and creation of the innovation ecosystem coupled with companies and manpower related to materials, parts and equipment complexes.

“We will step up the supply chains of Korean advanced industries by ramping up industry, commerce and technology cooperation with major countries with a tripartite partnership among Korea, the United States and Japan taking the lead and secure leadership in the creation of global commerce regulations and standards by aggressively participating in international discussions related to eco-friendliness and digital and ESG issues,” Minister Bang said.

Minister Bang made plain his determination to reestablish an energy mix into a realistic one and restore the nuclear power ecosystem as early as possible.

MOTIE plans to implement a realistic energy mix, considering the carbon neutrality goal, stable energy supply and economical perspectives.

Minister Bang spoke of the early restoration of the nuclear power ecosystem whose importance as carbon neutrality and energy security has been highlighted globally, and the nurturing of new energy industries, such as small modular reactors (SMRs) and carbon capture, use and storage (CCUS).

Minister Bang Moon-kyu of the Ministry of Trade, Industry and Energy (MOTIE) poses with President Hwang Joo-ho of Korea Hydro & Nuclear Power after the MOTIE minister made his first inspection tour to the Saeul Nuclear Power Complex in Ulju, Ulsan Metropolitan City, on Sept. 20 since he took office.

MOTIE Minister Scraps Inauguration Ceremony to Make Inspection Tour

MOTIE Minister Bang made an inspection tour of a nuclear power construction site in Ulsan shortly after he took office, but scrapped his inaugural ceremony on Sept. 20.

His inspection tour may be construed as the new MOTIE minister’s determination to step up the early restoration of the ecosystem of the nuclear power industry, which collapsed in the wake of the former president Moon Jae-in government’s policy of waning the nation off nuclear power and prioritizing export revival.

Minister Bang toured the construction site of Saeul Nuclear Power Unit 3 & 4 in Ulsan, whose construction is in a final stage.

Saeul Nuclear Power Unit 3 & 4, to be dedicated with homegrown core technologies, including one related to the design stage, was a symbol of the previous government’s anti-nuclear policies favoring the stoppage of their construction.