Hong Nam-gi: "Greenbelt Hydrogen Charging Station Installation 'Regulatory Reform'... 650 Billion Won Fund Created for System Semiconductor" (Comprehensive)

The 5th Innovation Growth Big 3 (System Semiconductor, Future Car, Biohealth) Promotion Meeting

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced on the 25th, "We will allow the installation of hydrogen charging stations in urban parks and greenbelt areas." This reflects a strong intention to boldly ease regulations to support the convenience of using eco-friendly vehicles. Additionally, to support the growth of system semiconductors, the government plans to establish a 650 billion KRW fund led by the private sector and set a goal to develop more than five anticancer new drugs over the next 10 years.

Deputy Prime Minister Hong presided over the '5th Innovation Growth Big 3 (System Semiconductors, Future Cars, Biohealth) Promotion Meeting' held at the Korea Eximbank in Yeouido, Seoul, in the morning, stating, "We will make every effort in fiscal and tax policies, financial support, regulatory reform, and resolving difficulties so that the BIG3 industries can create synergy effects with the Korean New Deal and innovation growth strategies, establishing themselves as future growth engines and core industries."

The government had previously set a goal to usher in an era of 300,000 eco-friendly vehicles this year. Deputy Prime Minister Hong said, "To achieve this goal, it is urgent to reform regulations for 'usage convenience support' along with purchase and charging support for eco-friendly vehicles," adding, "We plan to focus on reforming ten key tasks centered on charging, usage, and parking convenience for eco-friendly vehicle users within this year."

The government announced that it will allow the installation of hydrogen charging stations in urban parks and greenbelt areas, abolish the area restriction for electric vehicle charging facilities that was limited to "within 20% of off-street parking lots," and mandate the public opening of public chargers. Furthermore, the current automobile maintenance business registration standards, which are based only on internal combustion engine vehicles, will be relaxed to accommodate electric vehicles. For electric vehicle specialized maintenance shops, it will be possible to register without having unnecessary facilities and equipment used for internal combustion engine vehicle maintenance.

Dedicated parking zones for eco-friendly vehicles will also be expanded to at least 5% of off-street and public building parking spaces. The usage time for slow charging zones will be limited to 12 hours to alleviate parking inconveniences caused by long-term occupancy.

Regarding the system semiconductor sector, the government plans to establish and support a fund totaling 650 billion KRW led by the private sector. Deputy Prime Minister Hong said, "It is necessary to mobilize all government support capabilities such as funding, guarantees, and administration to expand private investment," adding, "This year, we will newly establish a 100 billion KRW semiconductor fund for materials, parts, and equipment, raising a total of 280 billion KRW."

In the biohealth field, the 'Korean-style K-Cancer Integrated Big Data Construction Plan' was discussed. Deputy Prime Minister Hong emphasized, "Although we possess vast medical data with high potential value, it is currently not utilized for medical improvement and new drug development due to hospital-specific management, lack of standardization, and insufficient integration," stressing, "Building big data and opening and utilizing accumulated data is very important."

Accordingly, the government plans to standardize data from related institutions and build a '3 million cancer patient big data' covering 10 types of cancer by 2025. Additionally, in the second half of this year, cancer-related genomic and clinical data will be proactively opened for research purposes, with a goal to develop more than five anticancer new drugs over the next 10 years.

Deputy Prime Minister Hong said, "To support this, we will expedite the revision of related laws, enforcement decrees, and enforcement rules as quickly as possible."

Private sector members attending the meeting included Kim Se-hoon, Vice President of Hyundai Motor Company; Kim Hyung-jun, Head of the Next-Generation Intelligent Semiconductor Project Group; Kim Beom-min, Head of the Pan-Government Full-Cycle Medical Device R&D Project Group; and Woo Jung-won, President of Genexine.