Vice Minister Ki Jae: "Mandatory Purchase of Electric and Hydrogen Vehicles for Public Institutions"

On the 5th, the 5th Innovation Growth Strategy Review Meeting Held

[Asia Economy Reporter Jang Sehee] Kim Yongbeom, First Vice Minister of the Ministry of Economy and Finance, announced on the 5th that "the purchase and leasing of electric and hydrogen vehicles by public institutions will be made mandatory."

At the '5th Innovation Growth Strategy Review Meeting' held at the Government Seoul Office on the same day, Vice Minister Kim stated, "Through 'K-EV 100,' we will induce the expansion of demand in both public and private sectors."

He added, "We will strengthen support for high-performance and high-efficiency vehicles to ensure that electric and hydrogen vehicles are distributed at reasonable prices," and "We will accelerate the construction of hydrogen charging stations through special permits and other measures."

He also announced that sufficient funding will be provided for green industries. He emphasized, "In advanced countries, Environmental, Social, and Governance (ESG) investment amounts to $40.5 trillion, actively supporting voluntary green transitions by companies," and "Considering the industrial characteristics of our country, where manufacturing and high carbon-emission sectors have a large share, sufficient funds must be supplied to green industries as much as in advanced countries."

Regarding the current account surplus record, he stated, "December recorded the largest surplus ever ($11.51 billion), and the annual surplus reached $75.3 billion, greatly exceeding the initial forecast," calling it "another achievement accomplished amid the COVID-19 crisis."

He explained, "The recovery of exports in the second half of the year and the improvement of the goods balance contributed significantly," adding, "Exports of traditional manufacturing industries such as ships and automobiles, as well as the information technology (IT) sector including semiconductors, all improved." He further explained, "We were once again able to confirm that the external competitiveness of goods and services played a crucial role as a safety net for our economy."