SobuJang 2.0 is 'Solidarity and Cooperation'... President Moon Says "We Will Take a Different Path from Japan" (Update)

One Year Since Japan's Unfair Export Restrictions... President Moon Visits SK Hynix in Icheon, Emphasizing 'Turning Defense into Leap Forward'

President Moon Jae-in visited the SK Hynix Icheon Campus in Icheon-si, Gyeonggi-do, on the morning of the 9th, inspecting the hydrofluoric acid cooperation process while being guided by SK Group Chairman Chey Tae-won. [Image source=Yonhap News]

[Asia Economy Reporter Son Sun-hee] President Moon Jae-in said on the 9th, "We will walk a 'different path' from Japan," adding, "The Republic of Korea will turn crisis into opportunity and leap forward as a 'global powerhouse in advanced materials, parts, and equipment.'" This statement reaffirmed the spirit of 'solidarity and cooperation' and expressed the will to protect free trade amid Japan's unfair export restrictions against Korea, which have continued for a full year.

On the same day, President Moon visited semiconductor company SK Hynix located in Icheon, Gyeonggi Province, and met with related business officials including SK Group Chairman Chey Tae-won. He said, "We will contribute to the stability of the global supply chain and cooperate with the international community," adding, "This is the 'Korean path' we want to take." Attending from the government were Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki and Minister of Trade, Industry and Energy Sung Yun-mo.

At the site, President Moon mentioned "Japan" five times, stating, "It is paradoxically proven by the novel coronavirus disease (COVID-19) that the world is already closely interconnected," and added, "The stability of the global division of labor and the protection of free trade will be very important values in the new world order of the 'post-COVID era'." He indirectly criticized Japan's closed export restriction measures against a neighboring country by contrasting them with Korea's COVID-19 quarantine success without 'lockdown measures.'

He further said, "Just as K-quarantine has become the global standard, we must also lead the world in the materials, parts, and equipment (SoBuJang) industry," and introduced, "The 'SoBuJang 2.0 Strategy' announced today is based on achievements so far and contains a policy shift from a defensive response to a 'leap forward.'"

The government announced the 'SoBuJang 2.0' strategy, focusing on two major strategic tasks: 'leaping forward as a global SoBuJang powerhouse' and 'becoming the world factory of advanced industries.' The core points include concentrated investment in next-generation technology development until 2022 and the introduction of advanced investment zones. Tax support for advanced investments will be significantly strengthened, and a total of 1.5 trillion won in finances will be invested over the next five years to attract advanced industries.

In particular, at the event, SK Hynix signed the 'Yongin Semiconductor Cluster Solidarity and Cooperation Agreement' together with the government and prospective tenant companies. A total investment of 120 trillion won is expected to create 17,000,000 new jobs and generate added value amounting to 188 trillion won.