New Administration’s 1st Industrial Policy: Korean Gov’t Focuses on Nurturing Five New Industries | BusinessKorea

Tuesday, January 23, 2018

New Administration’s 1st Industrial Policy

Korean Gov’t Focuses on Nurturing Five New Industries

Minister of Trade, Industry and Energy Baek Woon-kyu (left in the front row) and Minister of SMEs and Startups Hong Jong-hak (right in the front row) at a National Assembly meeting on December 18
Minister of Trade, Industry and Energy Baek Woon-kyu (left in the front row) and Minister of SMEs and Startups Hong Jong-hak (right in the front row) at a National Assembly meeting on December 18
Seoul, Korea
19 December 2017 - 10:15am
Jung Suk-yee

The Ministry of Trade, Industry and Energy reported the direction of the government’s industrial policy to the National Assembly on December 18.

According to the policy, electric and autonomous vehicle, IoT home appliances, alternative energy, biotech and healthcare, and semiconductor and display are grown as key industries for job creation, income growth and industrial development.

Specifically, the government is going to realize autonomous driving on expressways by 2020 and increase the supply of electric vehicles to 350,000 units by 2022. More and more home appliances are going to be combined with big data and artificial intelligence (AI) while convergence platforms are built with regard to consumer electronics, construction, telecom, automobile and medical.

New drugs, medical equipment and medical services are developed based on big data and AI as well. In the semiconductor and display sectors, innovative techniques such as power semiconductor and flexible display are developed.

A task force for deregulation is incorporated into the Office for Government Policy Coordination and the Industrial Convergence Promotion Act is revised for the same purpose. This is to ensure the safety of new convergence products and services and create markets for them.

In addition, the government trains 6,000 graduate engineers until 2022 in the sectors including intelligent semiconductor, future vehicle, wearable smart device, embedded software, and advanced sensor. The government also raises a fund of 300 billion won with the private sector next year for investment in Industry 4.0 and underfinanced companies. Furthermore, the government launches a new vision next year to help 80 medium-sized companies reach one trillion won in sales. 

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