Party and Government: "Japan Announces Double-Digit Additional Retaliation... Promoting 'Sobu-Jang Strategy 2.0'"

Kim Tae-nyeon, floor leader of the Democratic Party of Korea, is attending the Materials, Parts, and Equipment Industry Current Issues Inspection Meeting held at the National Assembly on the 24th, delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Wondara] The Democratic Party of Korea and the government have decided to promote the 'Materials, Parts, and Equipment Industry Development Strategy 2.0' in preparation for Japan's additional trade export restrictions.

Kim Tae-nyeon, the floor leader of the Democratic Party, said at the Materials, Parts, and Equipment Industry Status Review Meeting held at the National Assembly on the morning of the 24th, "As the court has proceeded with the domestic asset sale process of wartime companies, Japan has announced double-digit additional retaliatory measures," adding, "We must now review possible scenarios and prepare feasible measures in advance. We will push forward with 'Materials, Parts, and Equipment Strategy 2'."

Regarding the achievements in responding to Japan's export restrictions so far, he evaluated, "We have diversified imports for export-restricted items such as hydrogen fluoride and systematically established industrial policies for materials, parts, and equipment." He also emphasized, "Policies must be implemented more swiftly to respond to the post-COVID era. For new industries like bio and future cars to develop, materials, parts, and equipment must support them. It is essential for the 'Korean New Deal' as well."

Cho Jung-sik, chairman of the Democratic Party Policy Committee, said, "We have flawlessly implemented the fully revised Materials, Parts, and Equipment Special Act for the first time in 20 years and are investing 2.6 trillion won in the budget this year," adding, "As the materials, parts, and equipment policy is being fully promoted from this year, the Democratic Party will actively work to strengthen competitiveness in this sector."

He continued, "The Ministry of Trade, Industry and Energy should pursue technological independence and advanced industrialization to reduce dependence on specific countries, and the Ministry of Science and ICT should prepare measures to advance R&D in materials, parts, and equipment," urging, "The Ministry of SMEs and Startups should thoroughly prepare measures for workforce training and to minimize damages to small businesses in case of additional Japanese retaliatory measures."

Sung Yun-mo, Minister of Trade, Industry and Energy, said, "There have been significant achievements in stabilizing the supply of the three core export-restricted items over the past year," adding, "We will continue to implement policies swiftly to enhance our status. We will prepare the Materials, Parts, and Equipment 2.0 strategy, reflecting our strategy and determination, and communicate with the National Assembly."

Choi Ki-young, Minister of Science and ICT, said, "Next year's R&D investment is expected to expand beyond this year's 1.7 trillion won," adding, "We plan to do our best in process design and technology development to resolve bottlenecks in materials, parts, and equipment R&D that lead to new material discovery and manufacturing/production."

Park Young-sun, Minister of SMEs and Startups, said, "Creating a dedicated fund for materials, parts, and equipment and focusing investment on SMEs has played a role as a catalyst for startups and small businesses to emerge from the difficult tunnel of the COVID crisis," adding, "Going forward, the Ministry of SMEs and Startups will continue to play the role of 'Tech Bridge,' matching university materials, parts, and equipment technologies with small businesses."

Hwang Cheol-joo, chairman of the Materials, Parts, and Equipment Win-Win Cooperation Council, said, "It has been 27 years since I started my business," adding, "I think small businesses have grown more in the past year than in the previous 27 years. I hope this leadership will continue to be demonstrated."