Jeong Seung-il, Vice Minister of the Ministry of Trade, Industry and Energy, attending the '2020 Steel Industry New Year's Meeting' held at 5 p.m. on the 10th at the Art Hall of the POSCO Center West Building in Seoul.The fifth person from the left is Vice Minister Jeong, and to his right is Choi Jung-woo, Chairman of the Steel Association. (Photo by Ministry of Trade, Industry and Energy)
[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy has been actively working to promote industry since the beginning of the year. Minister Sung Yoon-mo stated in his New Year's address that this year they aim to restore vitality to the real economy and make tangible progress in policies related to materials, parts, equipment, and new industries. The ministry plans to increase support for sectors such as materials, parts, and equipment compared to previous years and assist in producing high value-added products suited for the Fourth Industrial Revolution era.
According to the Ministry of Trade, Industry and Energy, last week officials attended New Year's meetings of five industries: textile fashion, petrochemicals, design, engineering, and steel. While Minister Sung traveled to Las Vegas, Nevada, and Silicon Valley, San Francisco, USA, to attend the world's largest consumer electronics and information technology exhibition 'CES 2020' and to attract foreign direct investment (FDI), Vice Minister Jeong Seung-il and director-level officials visited the New Year's meetings.
On the 7th, Yoo Jung-yeol, Director of Industrial Policy Office, attended the textile fashion industry New Year's meeting held at the Textile Center in Samseong-dong, Seoul. Director Yoo announced plans to support the development and commercialization of core technologies for high value-added industrial textile materials such as carbon fiber and super fiber to enhance industrial value. Starting this year, they will open ICT-converged personalized clothing stores and support core technology development for sewing, dyeing, and footwear speed factories.
On the 8th, Vice Minister Jeong attended the petrochemical industry New Year's meeting held at the Plaza Hotel in Seoul. The key policy directions for this year were presented as ▲ making visible progress in materials, parts, and equipment policies ▲ resolving investment difficulties ▲ investing in environment and safety. The materials, parts, and equipment sector will be supported with a policy budget of 2.1 trillion won, which is 2.5 times the 832.5 billion won allocated last year. They plan to strengthen full-cycle support for 100 core items and select and support specialized leading companies.
On the 9th, Kim Yong-rae, Director of Industrial Innovation Growth Office, attended the design industry New Year's meeting held at the Korea Design Center in Seongnam. Director Kim announced that support for manufacturing platforms for idea-based companies will be doubled compared to last year. In particular, 80 companies with excellent product development ideas but lacking a solid manufacturing base will be supported, doubling the 40 companies supported last year.
On the 10th, Vice Minister Jeong attended the engineering industry New Year's meeting held at the Sheraton Seoul Palace Gangnam Hotel. He expressed the intention to strengthen the industry's digital engineering capabilities to firmly establish the foundation for the Fourth Industrial Revolution. They plan to digitalize data at every stage from design to facility operation and maintenance and create an environment that dramatically improves work productivity by utilizing artificial intelligence (AI) technologies.
On the same day, Vice Minister Jeong also attended the steel industry New Year's meeting held at the POSCO Center in Gangnam-gu, Seoul. He emphasized the need to establish an industrial intelligence cooperation system where leading steel companies transfer AI experience and know-how to small and medium-sized enterprises (SMEs) and mid-sized companies, which in turn make joint investments. The government also pledged to actively support this with budgets and other resources.
He urged companies to pay attention to safety and environmental issues as well. Vice Minister Jeong stated, "To maintain public trust in the steel industry, companies themselves must once again review their safety systems and actively invest in eco-friendly measures such as reducing fine dust and greenhouse gases in line with public expectations."
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