Prime Minister Jeong Sye-kyun: "The Ministry of Economy and Finance's COVID-19 Response Prioritizes Speed Over Accuracy"

After Economic Ministries Including the Ministry of Economy and Finance Report to the Blue House, Requests Made... Success Cases of Private Companies in Semiconductor Materials Also Announced

[Asia Economy Reporter Ryu Jeong-min] On the afternoon of the 17th, Prime Minister Chung Sye-kyun, after receiving work reports from the Ministry of Economy and Finance, the Ministry of Trade, Industry and Energy, the Ministry of SMEs and Startups, and the Financial Services Commission, said about the Ministry of Economy and Finance, "Originally, the Ministry of Economy and Finance's culture prioritizes accuracy over speed, but now, to respond to COVID-19 and promote economic vitality, speed is more required than the usual strength of accuracy."

Prime Minister Chung urged, "Please do your best to restore economic sentiment through bold and proactive measures," and called for proactive regulatory innovation.

Prime Minister Chung requested the Financial Services Commission to implement financial innovation that channels liquidity into productive investments, asked the Ministry of SMEs and Startups to strive so that unicorn businesses can lead to a second venture boom, and emphasized to the Ministry of Trade, Industry and Energy to support companies so that they can actively work by fostering entrepreneurial spirit.

[Image source=Yonhap News]

Meanwhile, at the work report session of the economic ministries that day, there were presentations of success cases by representatives of various companies participating as private sector representatives. Lee Yong-wook, CEO of SK Materials, said, "Domestic semiconductor material companies have made great efforts under government support following Japan's export restrictions," and explained, "5N ultra-high purity hydrogen fluoride has been monopolized by Japan due to its high technical difficulty. With active support from the Ministry of Trade, Industry and Energy, a domestic mass production system was established in a short period of five months, and mass production has begun."

Kim Yong-hwan, CEO of Smart Radar System, introduced, "For autonomous driving of vehicles, a 4D core sensor is necessary. Using 4D image radar, objects over 5 meters above the ground can be detected. It can be applied in various fields such as drone detection, accident prevention, gunshot incident prevention, and smart cities."

Kim Sang-wan, CEO of Flamingo Co., Ltd., said, "Advanced countries introduce commercial district renaissance projects to small business owners, but Korea is lagging behind, so it is necessary to further revitalize based on 5G."

Bae Jin-hwa, CEO of Jihyun Knit, explained, "When I inherited my father's factory, there were only eight old knitting machines over 15 years old. Now, we own 13 latest knitting machines worth about 150 million KRW and are steadily growing," and added, "This was the result of receiving a smart movable collateral loan (using knitting machines as collateral) after visiting the Industrial Bank of Korea Jangandong branch to inquire about loans."

Prime Minister Chung said, "I am moved by the words of innovative entrepreneurs," and added, "There is hope for change in our Republic of Korea, and the potential is limitless."