South Korean President Moon Jae-in said Tuesday that Korea should lower dependency on core materials imported from a particular nation in order to build a responsible economy that will never be shaken. His message emphasizes the need to overcome difficulties caused by Japan’s retaliatory economic measures.
At an agreement ceremony for a new investment in carbon fiber held at Hyosung Advanced Materials’ factory in Jeonju, North Jeolla Province, Moon addressed that the Renaissance strategy on manufacturing will boost competitiveness of core industries and nurture new future industries such as system semiconductors, bio-health, future cars and the hydrogen economy to lead the 4th industrial revolution. He showed his determination to growing new industries by reforming industrial structures not succumbing to Japan’s retaliatory measures.
At the ceremony, Hyosung announced to invest one trillion won in carbon fiber. The material is four times lighter but 10 times stronger than iron, which Korea imports mostly from Japan. President Moon said that it is meaningful for the private sector to make a preemptive investment in core materials such as carbon fiber, assessing that it implies significant determination and confidence that can turn a crisis into a new opportunity. It is President Moon’s second field trip to companies following the first one made on Aug. 7 since Japan imposed export controls on Korea.
President Moon promised to support production of core strategic items used in material industries including carbon fiber. He also pledged to classify 100 core strategic items including carbon fiber and invest seven trillion to eight trillion won in related industries. A preliminary feasibility test can be exempted on core research and development activities that necessitate self-reliance, according to the president.
Sang-Jun Han email@example.com