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Our priority is to increase corporate investment, says trade minister

Our priority is to increase corporate investment, says trade minister

Posted July. 16, 2022 07:31,   

Updated July. 16, 2022 07:31


“We will proceed with ‘investment-led growth strategy’ by reinforcing three projects to boost investment, which are overhauling regulations, giving incentives and improving the environment for investment.”

On Friday, Minister Lee Chang-yang of Trade, Industry and Energy said as above in his lecture at the 45th Jeju Forum hosted by the Korea Chamber of Commerce and Industry in Seogwipo City, Jeju Province, showing his concerns over weakening growth potential and dynamism.

Lee diagnosed the country’s current situation that Korea’s attractiveness level for investment was brought down due to the regulatory environment worst among the OECD countries and the nation ranked 130th among 141 countries in terms of cooperation between the labor and management. “We need a paradigm shift in our industry through a growth-oriented industrial strategy,” the minister said.

Minister Lee added that expanding corporate investment is the top priority for the government in its industrial policy, while stressing that investment can create an effect of killing four birds with one stone, such as vitalizing the economy, creating jobs, acquiring new technologies and raising productivity. Regarding regulations, the minister expressed his commitment, saying “President Yoon and the government will go ‘all-in’ on revamping corporate regulations. We will see a number of great results.”

Ahead of implementing the Special Measures Act on National High-Tech Strategic Industry in August, the minister announced the government’s vision to foster key industries. “We will create future growth engines and enhance the foundation for job creation through securing a significant gap with our rivals in industries including semiconductors and display,” Minister Lee said. “We will announce the strategies for the semiconductor sector in July and come up with measures for key industries in a phased manner.”

In a press conference, the minister also expressed his opinion on the labor strike in a subcontracting firm of Daewoo Shipbuilding and Marine Engineering. “The representatives from labor and management should immediately come to the negotiating table, and the government and related institutions have to work together, meeting each other halfway,” he said. “We are considering ways to help them and to set up a mood. If the labor and management reach an agreement, we will review ways to provide support from the government or related institutions, including KDB Industrial Bank.”