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| Finance Minister Choo Kyung-ho, right, front, visits Samsung Electronics's Pyeongtaek Campus in Pyeongtaek, Gyeonggi Province in this file photo provided by the finance ministry, April 7. Yonhap |
Korea will add 50 advanced technologies related to the materials, components and equipment fields to the state "key strategic technology list" to nurture companies that can secure outstanding global competitiveness, the industry ministry said Tuesday.
Currently, the government has designated 150 major strategic technologies related to materials, parts and equipment in seven industries, including semiconductors, displays and vehicles, in order to provide strong backing for their development, and the list will be expanded to include 50 additional items in the space, defense and hydrogen sectors, according to the Ministry of Trade, Industry and Energy.
"Now is the time for Korean firms to actively make inroads into the global market based on their advanced technologies amid fast-changing global supply chain circumstances. The government will spare no effort to support corporate investment for such moves," Industry Minister Lee Chang-yang said during a meeting meant to explore ways to enhance the country's competitiveness in these fields.
Korea began to make efforts in earnest to secure advanced technologies in 2019 following Japan's export curbs on key industrial materials essential to Korean tech firms, and has accelerated the push recently over global supply chain disruptions and heated technological competition.
The government earlier pledged to invest 937.6 billion won (US$711.2 million) this year to support the development of advanced materials, parts and equipment in key industries, including 52.5 billion won for nearly 100 new research and development projects.
Korea will seek enhanced cooperation with foreign countries, such as Germany and Denmark, for technology development through a global research platform and other joint projects.
It also vowed to work more closely with Japan, as the two neighbors have agreed to improve their economic and industrial ties. Last month, Tokyo lifted its export restrictions against Korea.
The Seoul government will also launch "alchemist" projects worth 300 billion won to establish the foundation for complicated future technologies.
In the first half of this year, it plans to designate new industrial complexes to support innovative manufacturing, and to designate a total of 200 materials, parts and equipment companies by 2030 entitled to enjoy extra state support. Currently, 66 leading firms receive such benefits, the ministry said.
"Recently, major countries are recognizing the significance of cutting-edge industries, such as semiconductors and rechargeable batteries, in terms of economy and security," Finance Minister Choo Kyung-ho also said during the meeting.
"They are pursuing internalization and fragmentation of the supply chains of the industries," Choo added, highlighting the importance of setting strategies to address such uncertainties.
The finance minister, however, added key trade partners' protectionism policies, such as the U.S. Inflation Reduction Act (IRA) and the EU Carbon Border Adjustment Mechanism, may also give new opportunities to Korean exporters.
"By utilizing the U.S. IRA as an opportunity to expand exports, we plan to help Korea-based rechargeable battery makers to increase their production, and help them penetrate into the North American value chain," Choo said.
"We will also further develop alternative processing technologies in the areas such as refining and smelting, to help (Korean firms) enter the EU market where the importance of eco-friendly technologies has increased," he added. (Yonhap)
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