Public Institutions under the Ministry of Industry to Invest 18.5 Trillion Won and Hire 3,204 New Employees Next Year

Ministry of Industry to Hold 'Meeting of Heads of 40 Public Institutions' on 21st
13.03 Billion KRW Innovation Procurement This Year... 98 Korean New Deal Projects
KEPCO to Hire 1,100, KHNP 380, Total 3,204 Regular Employees

Sung Yun-mo, Minister of Trade, Industry and Energy, is speaking at a video conference of heads of public institutions under the Ministry of Trade, Industry and Energy regarding the response to the novel coronavirus disease (COVID-19), held on May 7 at the Korea Electric Power Corporation Namseoul Headquarters in Yeongdeungpo-gu, Seoul. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Moon Chaeseok] Forty public institutions under the Ministry of Trade, Industry and Energy, including Korea Electric Power Corporation (KEPCO), will implement more than 18.5 trillion KRW in self-investments next year and hire 3,204 new full-time employees.

The Ministry of Trade, Industry and Energy announced on the 21st that it will hold a "Meeting of Heads of Public Institutions under the Ministry" at 10 a.m. at the Lotte Hotel in Seoul, chaired by Minister Sung Yun-mo. Heads of 40 public institutions will attend the meeting.

130.3 Billion KRW Innovation Procurement... Korea Gas Corporation’s AI Operation System and Other Korean New Deal Projects

Exterior view of the Korea Gas Corporation headquarters building in Daegu. (Photo by Korea Gas Corporation)

First, they will discuss ways to activate innovation procurement in public institutions. Innovation procurement, introduced for the first time this year, is a policy where the public sector purchases designated innovative products and new products from public sector research and development (R&D) first.

The 40 public institutions under the Ministry of Trade, Industry and Energy are expected to achieve 130.3 billion KRW in innovation procurement results this year.

The ministry plans to designate about 50 additional innovative products by the first half of next year. Currently, 345 products have been designated, with the ministry having designated 49 of them.

Next year, the Ministry of Trade, Industry and Energy, the Ministry of Science and ICT, and the Ministry of SMEs and Startups will jointly launch new R&D projects with a budget of about 55 billion KRW.

The 40 public institutions will carry out 98 projects to support the Korean New Deal, including digital and green initiatives. They will implement 15 key management projects and 83 autonomous diffusion projects.

A representative key management project is the AI-based optimal facility operation system to be established by Korea Gas Corporation. Among the autonomous diffusion projects, KEPCO’s consulting for companies utilizing the power data sharing center stands out.

An official from the ministry said, "We plan to strive for early results through establishing detailed performance plans for each public institution, forming task forces (TF), and identifying regulatory and difficulty issues."

Additionally, plans will be made for prioritizing domestic companies’ materials, parts, and equipment purchases, and demand forecasting systems will be introduced. Through joint R&D planning and expanded demonstration testing among public institutions, demand for materials, parts, and equipment products will be created and localization will be supported.

18.5 Trillion KRW Facility and Equipment Investment Next Year... 3,200 New Hires Including 1,100 at KEPCO

A view of the Korea Electric Power Corporation headquarters in Naju, Jeollanam-do. (Photo by Korea Electric Power Corporation)

The 40 public institutions plan to implement more than 18.5 trillion KRW in self-investments next year. Funds will be allocated to facility and equipment investments, institution-led R&D, services, goods purchases, and asset acquisitions.

About 6.3 trillion KRW will be allocated to support regional economic revitalization, including purchasing local products and supporting small and medium enterprises.

Korea Hydro & Nuclear Power will invest 169.7 billion KRW in supporting SMEs through loan and interest reductions. Kangwon Land will spend 136.3 billion KRW on purchasing locally produced goods.

The institutions will pursue hiring 3,204 new full-time employees. KEPCO plans to hire 1,100, Korea Hydro & Nuclear Power 380, and KEPCO KPS 230. Non-face-to-face video interviews will be utilized.

They will establish and inspect basic safety management plans and strive to improve the quality of public services through the regularization of non-regular workers.

Efforts will be made for management efficiency, expanding the use of eco-friendly vehicles by public institution heads, and introducing personnel regulations related to sexual misconduct.

Minister Sung urged, "I ask the public institutions under the ministry to lead innovative growth by steadily promoting innovation procurement in the public sector, Korean New Deal support projects, and expansion of materials, parts, and equipment purchases."

He also requested, "Please promptly proceed with the planned self-investments and new hires for next year and actively consider ways to further expand them."