President Moon: "Domestic Automobile and Semiconductor Localization Must Be Achieved to Avoid Being Shaken by External Forces"

Request to Reflect Industry's Suggestions in the Enlarged Economic Ministers' Meeting... "Special Expectations for Companies: Investment and Employment"

[Asia Economy Reporter Ryu Jeong-min] On the 15th, President Moon Jae-in mentioned the semiconductor and automobile industries during a meeting with business leaders, stating, "Domestic automobile and semiconductor companies must form an alliance to achieve localization so that they are not shaken by external pressures," and instructed Policy Chief Lee Ho-seung to support such cooperative relationships.

Samsung Electronics CEO Lee Jung-bae said, "If the government and companies pool their wisdom, we will be able to overcome the situation." Hyundai Motor Company CEO Gong Young-woon conveyed, "We are receiving a lot of help from Samsung Electronics. We are working hard overseas to secure automotive semiconductors, and the government’s prompt measures to allow business trips have been very helpful."

In his closing remarks at the expanded economic ministers' meeting, President Moon instructed, "Each minister should carefully review the industry's suggestions today, reflect them in policies, and provide detailed updates on parts that are being rapidly implemented." Business leaders representing the semiconductor, automobile, shipbuilding, and shipping industries proposed support for related industries and deregulation.

[Image source=Yonhap News]

President Moon urged, "If there are issues that require time or are difficult to address quickly, please provide feedback on those as well, maintaining a close communication system between ministries and industries."

He told Minister of SMEs and Startups Kwon Chil-seung, "Large companies are helping a lot by supporting the smartization of small and medium enterprises," adding, "If the Ministry of SMEs and Startups organizes and informs the public about cases of large companies supporting SMEs, large companies will be more motivated to assist SMEs meaningfully in the future."

President Moon emphasized investment and employment, saying, "I especially hope for investment and employment from companies," and added, "If you expand investment and employment as much as possible, the government will provide all possible support."

Regarding the shipbuilding industry, President Moon advised, "Since the recent situation has improved and more manpower will be needed next year, starting vocational training for skilled workers who have been away from the field for a long time will improve employment conditions and allow manpower supply when needed."

He expressed satisfaction, saying, "It was rewarding to show the public that the government and companies are moving forward together as one today," and pledged, "I will communicate with companies and personally encourage them whenever there are sites where companies increase jobs or employment."

Meanwhile, President Moon said, "This is the first time business leaders have been invited to the Sejong Room. The Sejong Room was originally used for Cabinet meetings, but today we held an economic cabinet meeting with business leaders."

He added, "From the experience of responding to Japan’s export restrictions on materials, parts, and equipment, I realized that while government support is important, cooperation between companies and between large and small companies is fundamental," and concluded, "If companies cooperate with each other and the government empowers them, overcoming the challenges will be possible."